<SEC-DOCUMENT>0000949377-18-000063.txt : 20180620
<SEC-HEADER>0000949377-18-000063.hdr.sgml : 20180620

<ACCEPTANCE-DATETIME>20180314170029

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000949377-18-000063

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		12

FILED AS OF DATE:		20180314

DATE AS OF CHANGE:		20180517


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.

		CENTRAL INDEX KEY:			0000804116

		IRS NUMBER:				133356097

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-222703

		FILM NUMBER:		18690115



	BUSINESS ADDRESS:	

		STREET 1:		745 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10151

		BUSINESS PHONE:		2123557311



	MAIL ADDRESS:	

		STREET 1:		745 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10151



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC

		DATE OF NAME CHANGE:	19920703




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.

		CENTRAL INDEX KEY:			0000804116

		IRS NUMBER:				133356097

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-04875

		FILM NUMBER:		18690116



	BUSINESS ADDRESS:	

		STREET 1:		745 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10151

		BUSINESS PHONE:		2123557311



	MAIL ADDRESS:	

		STREET 1:		745 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10151



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC

		DATE OF NAME CHANGE:	19920703



</SEC-HEADER>

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<FILENAME>rvt-n2a.htm
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on March 14, 2018 </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">Securities Act File No. 333-222703</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">Investment Company Act File No. 811-04875</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">==============================================================================</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-2</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933[X]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Pre-Effective Amendment No. 1 [X
] </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Post-Effective Amendment No. [ ]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">and/or</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT UNDER THE</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">INVESTMENT COMPANY ACT OF 1940[X]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Amendment No. 29 [X]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">745 Fifth Avenue, New York, New York
10151</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 221-4268</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Registrant's Exact Name, Address
and Telephone Number)</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Christopher D. Clark, President</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">745 Fifth Avenue</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10151</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Name and Address of Agent for Service)</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank P. Bruno, Esq.</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Denneen, Esq.</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sidley Austin </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">LLP</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce Value Trust, Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">787 Seventh Avenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10151</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Approximate Date of Proposed Public Offering:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">As soon as practicable after the effective
date of this Registration Statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any of the securities being registered
on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as
amended, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box. [X] </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE UNDER THE
SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of Securities</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Being Registered</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount Being Registered</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Maximum Offering Price Per Unit</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Maximum Aggregate Offering Price</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of Registration Fee<SUP>(2)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Stock ($0.001 par value per share)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,050,528</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15.70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$142,093,290</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$19,786</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Estimated solely for the purpose
of calculating the registration fee.</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (2) $2,095 was transmitted to the designated lockbox of the Securities and Exchange Commission at U.S. Bank in St. Louis, MO on January 25, 2018. The balance of the such amount was transmitted to such lockbox prior to the filing hereof. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">___________________</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">THE REGISTRANT HEREBY AMENDS THIS REGISTRATION
STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT
WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE
COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A), MAY DETERMINE.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B></B></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B>The information in this
Prospectus is not complete and may be changed.&nbsp;The Fund may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective.&nbsp;This Preliminary Prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>SUBJECT TO COMPLETION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>PROSPECTUS DATED MARCH
14 , 2018</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>ROYCE
VALUE TRUST, INC.</B></FONT><B><BR>
<FONT STYLE="font-size: 10pt">8,458,773 SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF</FONT> <BR>
<FONT STYLE="font-size: 10pt">NON-TRANSFERABLE RIGHTS TO SUBSCRIBE FOR SUCH SHARES OF COMMON STOCK</FONT></B></P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> Royce Value Trust, Inc.
(the &ldquo;Fund&rdquo;) is issuing non-transferable rights (&ldquo;Rights&rdquo;) to its common stockholders of record (collectively,
&ldquo;Stockholders&rdquo;) as of the close of business on March __, 2018 (the &ldquo;Record Date&rdquo;). The Rights entitle
Stockholders to subscribe for new shares of the Fund&rsquo;s common stock (the &ldquo;Offer&rdquo;) as described herein. Stockholders
will receive one (1) Right for each whole Share held of record as of the Record Date, rounded up to the nearest number of Rights
evenly divisible by ten (10). The Rights will allow Stockholders to subscribe for one (1) share of the Fund&rsquo;s common stock
(each, a &ldquo;Share&rdquo;) for each ten (10) Rights held. The right of Stockholders to acquire one (1) Share for every ten
(10) Rights is referred to in this Prospectus as the &ldquo;Primary Subscription.&rdquo; Stockholders who fully exercise their
Rights also may purchase Shares not acquired by other Stockholders as part of the Primary Subscription as more fully described
in this Prospectus. The Fund may, in its sole discretion and subject to certain anti-dilution limitations, increase the number
of Shares subject to subscription by up to 20% (collectively, the &ldquo;Over-Allotment Shares&rdquo;) through the exercise of
an over-allotment option as more fully described in this Prospectus. </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> The Rights are non-transferable,
and may not be purchased or sold. The Rights will expire without residual value at the Expiration Date (as defined below). The
Rights will not be listed for trading on the New York Stock Exchange (the &ldquo;NYSE&rdquo;), and there will not be any market
for trading Rights. The Fund&rsquo;s currently outstanding Shares are, and the Shares offered by this Prospectus will be, subject
to notice of issuance, listed on the NYSE under the symbol &ldquo;RVT.&rdquo; The net asset value per Share at the close of business
on February 27, 2018 was $17.47, and the last reported sales price of a Share on the NYSE on that date was $15.95. </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>The
subscription price per Share (the &ldquo;Subscription Price&rdquo;) will be the lower of (i) $0.25 below the last reported
sale price per Share on the NYSE on April __, 2018, or, if the Expiration Date (as defined below) is extended, on the first
business day after the Expiration Date (the &ldquo;Pricing Date&rdquo;) or (ii) the net asset value (&ldquo;NAV&rdquo;)
per Share on that date. Rights may be exercised at any time until 5:00 p.m., Eastern Time, on April __, 2018, unless extended
as described in this Prospectus (such date, as it may be extended, is referred to herein as the &ldquo;Expiration
Date&rdquo;). Since the Offer closes prior to the Pricing Date, Stockholders who exercise their Rights will not know the
Subscription Price at the time they exercise their Rights. </B></P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Exercising your Rights
and investing in Shares involves risks. See <I>&ldquo;Prospectus Summary &mdash; Principal Risk Factors and Special Considerations
at a Glance&rdquo;</I> beginning on page __ and <I>&ldquo;Risks Factors and Special Considerations&rdquo;</I> beginning on page
__.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"></P>


<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> This Prospectus sets forth concisely
the information about the Fund you should know before investing, including information about risks. Please read it before you
invest and keep it for future reference. A Statement of Additional Information dated March __, 2018 (the &ldquo;SAI&rdquo;), containing
additional information about the Fund, has been filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). The
SAI is incorporated by reference in this Prospectus. The Table of Contents for the SAI is set forth on page __ of this Prospectus.
A copy of the SAI and copies of the Fund&rsquo;s semi-annual and annual stockholder reports may be obtained without charge by writing
to the Fund at its address at 745 Fifth Avenue, New York, New York 10021, or by calling the Fund toll-free at (800) 221-4268.
In addition, you may request other information about the Fund or make stockholder inquiries by calling the Fund toll-free at (800)
221-4268. Copies of the SAI and the Fund&rsquo;s semi-annual and annual stockholder reports are also available free of charge
on the Fund&rsquo;s website <I>(http://www.roycefunds.com)</I>. In addition, the SEC maintains a website <I>(http://www.sec.gov)
</I>that contains the SAI, material incorporated by reference, and other information regarding registrants that file electronically with the SEC. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 9pt; text-align: center">__________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; border: Black 1pt solid; padding-top: 3pt; line-height: normal"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Per
    Share</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; line-height: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Estimated
    Subscription Price<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"> <FONT STYLE="font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15.70</FONT></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"> <FONT STYLE="font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$132,802,736</FONT></FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; line-height: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Estimated
    Sales Load<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; line-height: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Estimated
    Proceeds, Before Expenses, to the Fund<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"> <FONT STYLE="font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$15.70</FONT></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; line-height: 115%"> <FONT STYLE="font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$132,802,736</FONT></FONT> </TD></TR>
</TABLE>


<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"> <i>Footnotes on next page.</i> </P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: center">__________</P>


<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B> </p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>The date of this Prospectus is
March __, 2018.</B> </p>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-align: center">__________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"> <i>Footnotes from table on cover page.</i> </P>



<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">_____</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (1) Assumes that all Rights issued
as part of the Primary Subscription are exercised at the estimated Subscription Price (but excludes the effect of the Fund&rsquo;s
exercise of its over-allotment option). The Fund may, through the exercise of its over-allotment option, increase the number of
Shares subject to subscription by up to 20%, or up to an additional 1,691,755 Shares, for an aggregate total of 10,150,528 Shares.
If the Fund exercises its over-allotment option and all Over-Allotment Shares are sold, the proceeds, before expenses, to the
Fund will be $159,363,290. </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (2) Because the Subscription Price
will not be determined until after the printing and distribution of this Prospectus, the &ldquo;Estimated Subscription Price&rdquo;
above ($15.70 per Share) is an estimate based upon the Fund&rsquo;s last reported sale price per Share on the NYSE on February
27, 2018 (<I>i.e</I>., $15.95 per Share) and the Fund&rsquo;s NAV per Share on that date (<I>i.e</I>., $17.47 per Share). </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) The Rights are being offered
by the Fund directly to Stockholders without the services of an underwriter.</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (4) Offering expenses borne by the Fund
are estimated to be approximately $545,000 in the aggregate. Assuming that all Rights issued as part of the Primary Subscription
are exercised but excluding the effect of the Fund&rsquo;s exercise of its over-allotment option, the per Share and total proceeds
to the Fund after deduction of such expenses are estimated at $15.64 and $132,257,736, respectively. If the Fund exercises its
over-allotment option and all Over-Allotment Shares are sold, the per Share and total proceeds to the Fund after deduction of such
expenses are estimated at $15.65 and $158,818,290, respectively. Offering expenses will be borne by the Fund and indirectly by
all of its Stockholders, including those who do not exercise their Rights. Accordingly, such expenses will immediately reduce the
NAV per Share of the Fund. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-align: center">__________</P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund is a diversified, closed-end
management investment company. The Fund&rsquo;s investment goal is long-term capital growth. The Fund normally invests at least
65% of its assets in the equity securities of small- and micro-cap companies, generally those with stock market capitalizations
ranging from $100&nbsp;million to $3 billion, that Royce &amp; Associates, LP (&ldquo;Royce&rdquo;), the Fund&rsquo;s investment
adviser, believes are trading below its estimate of their current worth. The Fund also may invest up to 25% of its assets in securities of issuers headquartered outside the United States. The Fund may invest a portion of its assets in companies with stock market capitalizations in excess of $3 billion. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Shares issuable pursuant to the
Offer will be ready for delivery on or about __________ __, 2018. </p>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 12pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Prospectus Summary&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">The Offer at a Glance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">Important Dates to Remember&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">The Fund at a Glance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">Principal Risk Factors and Special Considerations at
a Glance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Table of Fees and Expenses&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Expense Example&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Financial Highlights&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Performance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Statement of Assets and Liabilities&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Use of Proceeds&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">The Offer&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Goal and Policies&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Risk Factors and Special Considerations&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Management&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Advisory and Other Services Provided by Royce&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Description of Capital Stock&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Dividends, Distributions and Reinvestment Plan&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">U.S. Federal Income Tax Consequences of the Offer&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Custodian, Transfer Agent and Registrar, Plan Agent&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Experts&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Additional Information&#9;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>You should rely only on
the information contained or incorporated by reference in this Prospectus. The Fund has not, and the Subscription Agent has not,
authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not, and the Subscription Agent is not, making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted. The information in this Prospectus is accurate only as of the date of this
Prospectus, and under no circumstances should the delivery of this Prospectus or the sale of any securities imply that the information
in this Prospectus is accurate as of any later date or that the affairs of the Fund have not changed since the date hereof or thereof.
Our business, financial condition, results of operations and prospects may have changed since then. We will update the information
in these documents to reflect material changes only as required by law. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><I>You should consider the
matters discussed in this summary before investing in the Fund through the Offer. This summary is qualified in its entirety by
reference to the detailed information included in this Prospectus and the SAI.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>THE OFFER AT A GLANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>The Offer and the Rights</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is issuing non-transferable
rights to its common stockholders of record as of the close of business on March __, 2018. The Rights entitle Stockholders to subscribe
for new shares of the Fund&rsquo;s common stock as described below in this section under the sub-headings <I>&ldquo;Primary Subscription&rdquo;</I>
and <I>&ldquo;Over-Subscription Privilege.&rdquo;</I> The Rights are non-transferable, and may not be purchased or sold. The Rights
will expire without residual value at 5:00 p.m., Eastern Time, on April __, 2018, unless extended by the Fund. The Rights will
not be listed for trading on the NYSE, and there will not be any market for trading Rights. The Fund&rsquo;s currently outstanding
Shares are, and the Shares offered by this Prospectus will be, subject to notice of issuance, listed on the NYSE under the symbol
&ldquo;RVT.&rdquo;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Primary Subscription</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Stockholders will receive one Right
for each whole Share held of record as of the Record Date, rounded up to the nearest number of Rights evenly divisible by ten.
In the case of Shares held of record by a broker-dealer, bank, or other finanical intermediary (each, a &ldquo;Nominee&rdquo;),
the number of Rights issued to such Nominee will be adjusted to permit rounding up (to the nearest number of Rights evenly divisible
by ten) of the Rights to be received by each of the beneficial owners for whom it is the holder of record only if the Nominee
provides to the Fund, on or before the close of business on __________ __, 2018, a written representation of the number of Rights
required for such rounding. The Rights will allow Stockholders to subscribe for one (1) Share for each ten (10) Rights held. The
right of Stockholders to acquire one (1) Share for every ten (10) Rights is referred to in this Prospectus as the &ldquo;Primary
Subscription&rdquo; and the Shares issued through the Primary Subscription are referred to as &ldquo;Primary Subscription Shares.&rdquo;
Stockholders may subscribe for 8,458,773 aggregate Primary Subscription Shares as part of the Primary Subscription. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Subscription Price</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Subscription Price for all
Shares issued pursuant to the Offer will be the lower of (i) $0.25 below the last reported sale price per Share on the NYSE
on the Pricing Date (currently April __, 2018) or (ii) the NAV per Share on that date. See &ldquo;The Offer &mdash;
Subscription Price.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Subscription Period</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Rights may be exercised at any time
from March __, 2018 through 5:00 p.m., Eastern Time, on April __, 2018, unless extended by the Fund. Since the Expiration Date
is prior to the Pricing Date, Stockholders who exercise their Rights will not know the Subscription Price at the time they exercise
their Rights.</P>

<P STYLE="font: 10pt/normal Garamond, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Over-Subscription Privilege</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Some Stockholders may not fully subscribe
for all of their Primary Subscription Shares. Stockholders who fully exercise their Rights in the Primary Subscription may subscribe
for the Primary Subscription Shares not subscribed for by other Stockholders. If enough Primary Subscription Shares are available,
all such requests will be honored in full.&nbsp; If the over-subscription requests exceed the Primary Subscription Shares available,
the Fund may, in its sole discretion and subject to certain anti-dilution limitations, increase the number of Shares subject to
subscription by up to 20% of the Primary Subscription Shares through the exercise of its over-allotment option for an aggregate
total of up to 1,691,755 Over-Allotment Shares.&nbsp; Primary Subscription Shares not purchased in the Primary Subscription together
with all Over-Allotment Shares, if any, are referred to herein as &ldquo;Over-Subscription Shares.&rdquo; The entitlement to buy
Over-Subscription Shares is, from time to time, referred to as the &ldquo;Over-Subscription Privilege&rdquo;. Over-Subscription
Privilege requests are subject to certain limitations. In particular, the Fund does not intend to sell Over-Allotment Shares to Stockholders to the extent that all Shares issued through the Offer would dilute (reduce) its NAV per Share by 2.0% or more. </P>

<P STYLE="font: 10pt/normal Garamond, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Exercising Rights and Payment for Shares</B><br>
As noted above, the Rights are evidenced by Subscription Certificates. The number of Rights issued to each Stockholder will be
stated on the Subscription Certificate delivered to the Stockholder. The method by which Rights may be exercised and Shares paid
for is described under the headings "The Offer&mdash;Method of Exercising Rights" and "The Offer&mdash;Payment for Shares." A Stockholder
will have no right to rescind a subscription for Shares after the Subscription Agent has received the Subscription Certificate,
except as provided under the heading "Notice of Net Asset Value Decline / Possible Suspension of the Offer." </p>

<P STYLE="font: 10pt/normal Garamond, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Dilution</B> <br>
Stockholders who do not fully exercise their Rights will, upon the completion of the Offer, own a smaller proportional interest
in the Fund than they owned prior to the Offer, resulting in immediate ownership and voting dilution for such Stockholders. In
addition, because the expenses associated with the Offer will be borne by the Fund (and indirectly by all Stockholders, including
those who do not exercise their Rights), such expenses will result in an immediate dilution of the NAV per Share for all existing
Stockholders (i.e., will cause the NAV per Share of the Fund to decrease). Furthermore, if the Subscription Price is less than
the NAV per Share as of the Pricing Date, the completion of the Offer will result in additional dilution of the NAV per Share
for all existing Stockholders, and may have the effect of reducing the market price of the Shares. The Fund cannot state precisely
the extent of the dilution of the NAV per Share. For further information on the effect of dilution, see <I>"Prospectus Summary
Principal Risk Factors and Special Considerations at a Glance - Dilution - Net Asset Value and Non-Participation in the Offer."</I> </p>

<P STYLE="font: 10pt/normal Garamond, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> We estimate the net proceeds to
the Fund from the Offer, assuming all Rights issued as part of the Primary Subscription are exercised, to be $132,257,736 or,
if pursuant to the over-allotment option, the Fund increases the number of Shares subject to subscription in an amount equal to
20% and all Over-Allotment Shares are sold, $158,818,290. These figures also assume (i) a Subscription Price of $15.70, and (ii)
payment by the Fund of estimated offering expenses of $545,000. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The net proceeds of the Offer will
be invested in accordance with the Fund's investment goal and policies as soon as practicable after completion of the Offer.
Royce anticipates that such investments will be made as appropriate investment opportunities are identified, which process is
expected to be substantially completed within three months assuming current market conditions; however, changes in market conditions
could result in the Fund's anticipated investment period extending to as long as six months. Pending investment, the net proceeds
of the Offer will be held in the types of short-term debt securities and instruments in which the Fund is permitted to invest.
It may be more difficult for the Fund to achieve its investment goal during any period in which it invests a substantial portion
of such proceeds in this manner. A portion of the cash held by the Fund, including any net proceeds from the Offer, may be used
to pay distributions in accordance with the Fund&rsquo;s managed distribution policy. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Tax Consequences</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For U.S. Federal income
tax purposes, neither the receipt nor the exercise of the Rights will  result in taxable income to you. You also will  not
realize a taxable loss if your Rights expire without being exercised. We urge you to consult your own tax advisor with
respect to the particular tax consequences of the Offer. See <I>&ldquo;U.S. Federal Income Tax Consequences of the
Offer.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Obtaining Subscription
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> If you have any questions or requests for assistance, please contact Georgeson LLC, the Information Agent for the Offer, (toll free) at (866) 431-2108. You may also call the Fund (toll
free) at (800) 221-4268, or contact the Nominee that holds your Shares of record for information with respect to the Offer. See
<I>&ldquo;The Offer &mdash; Information Agent.&rdquo;</I> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>IMPORTANT DATES TO REMEMBER</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event</B></FONT></TD>
    <TD STYLE="width: 53%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March __, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March __, 2018 through April __, 2018*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration Date</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing Date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confirmation to Offer Participants</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final Payment for Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">___</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">* Unless the Offer is extended.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>THE FUND AT A GLANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>The Fund</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a diversified, closed-end
management investment company. The Fund was organized as a Maryland corporation on July 1, 1986.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Investment Goal and Principal Investment Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s investment goal is
long-term capital growth. The Fund normally invests at least 65% of its assets in the equity securities of small- and micro-cap
companies, generally those with stock market capitalizations ranging from $100&nbsp;million to $3 billion, that Royce believes
are trading below its estimate of their current worth. The Fund also may invest up to 25% of its assets in securities
of issuers headquartered outside the United States. The Fund may invest a portion of its assets in companies with stock market
capitalizations in excess of $3 billion.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce uses various value methods
in managing the Fund&rsquo;s assets. In selecting securities for the Fund, Royce evaluates the quality of a company&rsquo;s balance
sheet, the level of its cash flows and other measures of a company&rsquo;s financial condition and profitability. Royce may also
consider other factors, such as a company&rsquo;s unrecognized asset values, its future growth prospects or its turnaround potential
following an earnings disappointment or other business difficulties. Royce then uses these factors to assess the company&rsquo;s
current worth, basing this assessment on either what they believe a knowledgeable buyer might pay to acquire the entire company
or what they think the value of the company should be in the stock market.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund is not appropriate
for all investors. No assurance can be given that the Fund&rsquo;s investment goal will be realized. See <I>&ldquo;Investment Goal
and Policies.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Capital Stock</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund&rsquo;s shares
of common stock are listed and traded on the NYSE under the symbol of &ldquo;RVT&rdquo;. As of the date hereof, the Fund has 84,587,724 shares
of common stock and no shares of preferred stock issued and outstanding. See <I>&ldquo;Description of
Capital Stock.&rdquo;</I> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Borrowings</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund is authorized to borrow
money for investment purposes. As of December 31, 2017, the Fund had outstanding borrowings for investment purposes of $70,000,000
under a revolving credit facility with BNP Paribas Prime Brokerage International, Limited ("BNPPI"). Such borrowing is speculative
in that it will increase the Fund's exposure to capital risk. In addition, borrowed funds are subject to variable interest costs
that may offset or exceed the return earned on the securities acquired with the borrowed funds. See <I>&ldquo;Risk Factors and Special
Considerations - Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</I> for more information. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Board of Directors of the Fund (the
"Board") has authorized a managed distribution policy ("MDP") for the Fund pursuant to an exemptive order obtained from the SEC
(the "MDP Order"). Under the MDP, the Fund pays quarterly distributions on its common stock at the annual rate of 7% of the rolling
average of the prior four calendar quarter-end NAVs per Share, with the fourth quarter distribution being the greater of 1.75%
of the rolling average or the distribution required by Internal Revenue Service ("IRS") regulations. You should not draw any conclusions
about the Fund's investment performance from the amount of distributions or from the terms of the MDP. The MDP may, under certain
circumstances, have certain adverse consequences to the Fund and its Stockholders. In addition, in order to make such distributions,
the Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate
such action. The Board may amend or terminate the MDP at any time without prior notice to Stockholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The actual sources of the Fund&rsquo;s quarterly
distributions may be net investment income, net realized capital gains, return of capital, or a combination of the foregoing and
may be subject to retroactive re-characterization at the end of the Fund&rsquo;s fiscal year based on applicable tax regulations.
To the extent that distributions exceed the current net earnings of the Fund, the balance of the amounts paid out will be generated
from sales of portfolio securities held by the Fund and will be distributed either as short-term or long-term capital gains or
a tax-free return-of-capital. Pursuant to the requirements of the 1940 Act, other applicable laws, and the MDP Order, a notice
will accompany each quarterly distribution with respect to the estimated amounts and corresponding sources of the applicable distribution.
The actual amounts and sources of such distributions for tax reporting purposes will depend upon the Fund&rsquo;s investment experience
during the remainder of its fiscal year along with the application of tax regulations and will be reported to Stockholders in January
of each year on Form 1099-DIV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Quarterly distributions may be reinvested in
additional full and fractional Shares through the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan (the &ldquo;Plan&rdquo;).
Computershare Trust Company, N.A. acts as plan agent for Stockholders in administering the Plan (in such capacity, the &ldquo;Plan
Agent&rdquo;). Quarterly distributions are also payable in cash by specific Stockholder election.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">See <I>&ldquo;Dividends, Distributions
and Reinvestment Plan.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Royce has served as the investment
adviser to the Fund since its inception in November 1986. Royce also serves as investment adviser to other registered management
investment companies, privately offered funds and institutional accounts. As of December 31, 2017, Royce managed approximately
$17.4 billion in assets, which amount includes approximately $14.6 billion in open-end and closed-end fund assets. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Royce provides
investment advisory services to the Fund. For its services, the Fund pays Royce a monthly fee at a rate ranging from 0.5% to
1.5% per annum of the Fund&rsquo;s average net assets for rolling 60-month periods based on the investment performance of the
Fund relative to the investment record of the S&amp;P 600 SmallCap Index (the &ldquo;S&amp;P 600 Index&rdquo;) over such
periods. Because the Fund&rsquo;s investment advisory fee is a function of its net assets rather than its total assets, Royce
does not and will not receive any fee in respect of Fund assets equaling the aggregate unpaid principal amount of any
indebtedness of the Fund but will receive a fee in respect of Fund assets equaling the liquidation preference of the
Fund&rsquo;s outstanding preferred stock, if any. See &ldquo;<I>Investment Advisory and Other Services &#8722; Advisory
Fee.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>PRINCIPAL RISK FACTORS AND SPECIAL CONSIDERATIONS
AT A GLANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Dilution </B>&mdash; <B>Net Asset Value and Non-Participation
in the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> If you do not exercise all of your
Rights in connection with the Primary Subscription, you should expect to own a smaller proportional interest in the Fund upon
completion of the Offer, resulting in immediate ownership and voting dilution.&nbsp; You will experience further immediate ownership
and voting dilution in the event the Fund issues Over-Allotment Shares and you do not submit a subscription request pursuant to
the Over-Subscription Privilege. As noted above, the Fund does not intend to sell Over-Allotment Shares to Stockholders to the
extent that all Shares issued through the Offer would dilute (reduce) its NAV per Share by 2.0% or more. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> You will experience a
reduction in NAV per Share as a result of the expenses incurred by the Fund (and indirectly by all Stockholders) in
connection with the Offer. You will experience a further reduction in NAV per Share in the event the Subscription Price is
below the NAV per Share on the Expiration Date, because: (i) the offered Shares are being sold at less than their current
NAV; and (ii) the number of Shares outstanding after completion of the Offer will have increased proportionately more than
the increase in the amount of the Fund&#146;s net assets. The following example illustrates the hypothetical NAV per Share
dilution a Stockholder would experience given the assumptions below. Such illustrations should not be considered a
representation of actual future NAV per Share dilution. Actual NAV per Share dilution may be higher or lower than that shown
below. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="6" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HYPOTHETICAL
    DILUTION ILLUSTRATION</B></FONT> </TD></TR>
<TR>
    <TD STYLE="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumed
    Subscription Price</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumed
    NAV Per Share on Pricing Date</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All
    Primary Subscription Shares Sold</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-Allotment
    Option Exercised</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated
    Offer Expenses</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>NAV Per Share Dilution
        </B> </P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>($)/(%)</B> </P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$15.70</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17.47</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$545,000</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">($0.167)/(0.95%)</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$15.70</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17.47</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
    (In Full)</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$545,000</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">($0.195)/(1.12%)</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Although the Fund cannot state precisely
the amount of any NAV per Share dilution because it is not known as of the date of this Prospectus what the Subscription Price
or NAV per Share will be on the Expiration Date, how many Shares will be subscribed for, what the exact expenses of the Offer
will be, or whether and to what extent the Fund will exercise its over-allotment option, such NAV per Share dilution will apply
whether or not you exercise all of your Rights under the Primary Subscription or purchase any Over-Subscription Shares. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Market Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As with any closed-end fund that invests
in common stocks, the Fund is subject to market risk&mdash;the possibility that common stock prices will decline over short or
extended periods of time. As a result, the NAV per Share will fluctuate, sometimes sharply and unpredictably, and you could lose
money over short or long periods of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, the NAV per Share will
be reduced immediately following the Offer to the extent: (i) offering expenses are paid by the Fund and (ii) the Subscription
Price is below the NAV per Share on the Expiration Date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Market Price of Shares</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Shares of common stock of closed-end
investment companies often trade in the market at prices lower than their NAV per Share. Market price risk is a risk separate
and distinct from the risk that the Fund&rsquo;s NAV per Share will decrease. The Shares have generally traded at a discount to
the Fund&rsquo;s NAV per Share since September 2008, with a discount as high as 20.80% during such period. During the year ended
December 31, 2017, the Shares traded at an average discount to the Fund&rsquo;s NAV per Share of 11.07%. As of December 31, 2017,
the discount to the Fund&rsquo;s NAV per Share was 8.70%. Common shares of closed-end investment companies may, however, trade
at prices higher than their NAV during some periods. No assurance can be given that the Shares will trade at a price higher than
or equal to NAV. See <I>&ldquo;Description of Capital Stock &mdash; Market Price and NAV Information.&rdquo;</I> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to NAV, the market price
of Shares may be affected by such factors as the Fund&rsquo;s dividend and distribution levels and stability, market liquidity,
market supply and demand, unrealized gains, general market and economic conditions, and other factors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investing in Smaller Capitalization Companies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, Royce normally
invests at least 65% of the Fund&rsquo;s assets in the equity securities of micro-cap and small-cap companies, generally
those with stock market capitalizations ranging from $100&nbsp;million to $3&nbsp;billion. Royce views the large and diverse
universe of smaller companies in which the Fund primarily invests as having two investment segments or tiers &mdash;
micro-cap and small-cap. Royce refers to the segment of companies with market capitalizations from $100 million to $1 billion
as micro-cap. Royce defines the next tier, the small-cap universe, as those companies with market capitalizations between $1
billion and $3 billion. The Fund may also invest a portion of its assets in mid-cap and/or large-cap securities. Royce
defines mid-cap as those companies with market caps between $3 billion and $15 billion. Large-cap is defined by Royce as
those companies with market caps of more than $15 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The prices of equity securities of companies
with stock market capitalizations from $100 million to $3 billion are generally more volatile than those of larger-cap securities.
In addition, because these securities tend to have significantly lower trading volumes than larger-cap securities, the Fund may
have difficulty selling holdings or may only be able to sell holdings at prices substantially lower than what Royce believes they
are worth. Therefore, the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing
in larger-cap companies or other asset classes.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Selection Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Different types of stocks tend to shift
into and out of favor with stock market investors, depending on market and economic conditions. The performance of funds that invest
in value-style stocks may at times be better or worse than the performance of stock funds that focus on other types of stocks or
that have a broader investment style. In addition, Royce&rsquo;s estimate of a company&rsquo;s current worth may prove to be inaccurate,
or this estimate may not be recognized by other investors, which could lead to portfolio losses. Securities in the Fund&rsquo;s
portfolio may not increase as much as the market as a whole and some securities may continue to be undervalued for long periods
of time.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Risks Related to Foreign Securities and Developing
Countries</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 25% of its
assets in foreign securities. Royce defines &ldquo;foreign&rdquo; as those securities of companies headquartered outside of the
United States. Investment in foreign securities involves risks that may not be encountered in U.S. investments, including adverse
political, social, economic, or other developments that are unique to a particular region or country. Prices of foreign securities
in particular countries or regions may, at times, move in a different direction and/or be more volatile than those of U.S. securities.
Because the Fund does not intend to hedge its foreign currency exposure, the U.S. dollar value of the Fund&rsquo;s investments
may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar. See <I>&ldquo;Risk Factors and Special
Considerations &mdash; Foreign Securities Risks.&rdquo;</I> These risks may be heightened for developing markets securities. See
<I>&ldquo;Risk Factors and Special Considerations &mdash; Developing Country Risks.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Leverage Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund may issue debt or preferred
stock for investment purposes in accordance with the requirements set forth in the 1940 Act. As of December 31, 2017 and February
28, 2018, the Fund did not have any preferred stock outstanding but did have outstanding borrowings for investment purposes of
$70,000,000 under a revolving credit facility with BNPPI. The Fund pays interest on the amount drawn under such credit facility
at a variable rate that is equal to the 3-Month LIBOR Rate plus 0.95% as well as a commitment fee of 0.50% per annum on the
unused portion of the facility. The Fund&#146;s weighted average borrowing costs under such credit facility for the fiscal year ended
December 31, 2017 and the month ended February 28, 2018 were 2.2144% and 2.7483%, respectively. The use of leverage in this way may magnify the impact on Stockholders of changes in NAV per
Share and the cost of leverage could exceed the return on the securities acquired with the proceeds of the leverage, thereby diminishing
returns to such Stockholders. In addition, the Fund may be required to sell investments in order to meet interest or dividend
payments on any debt or preferred shares issued for investment purposes when it may be disadvantageous to do so. Because the Fund
pays interest at a variable rate under the revolving credit facility, these risks will be heightened for the Fund in the event
of any increase in the interest rate payable thereunder. See <I>&ldquo;Risk Factors and Special Considerations &ndash; Risks to Common Stockholders
of Borrowing Money and Issuing Senior Securities.&rdquo;</I> Such borrowings are done on a secured basis, which may result in certain
additional risks to the Fund. See <I>&ldquo;Risk Factors and Special Considerations &ndash; Portfolio Lending Risks&rdquo;.</I> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Anti-Takeover Provisions.</B> The Fund&#146;s Charter and
Bylaws include provisions that could have the effect of depriving the owners of shares in the Fund of opportunities to sell their
shares at a premium over prevailing market prices, by discouraging a third party from seeking to obtain control of the Fund in
a tender offer or similar transaction. The overall effect of these provisions is to render more difficult the accomplishment of
a merger or the assumption of control by a principal stockholder. See <I>&ldquo;Description of Capital Stock - Certain Corporate Governance
Provisions&rdquo;</I>. </p>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>TABLE OF FEES AND EXPENSES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The following table contains
information about the estimated costs and expenses that Stockholders will bear directly or indirectly, as a result of the
completion of the Offer. The table is based on investment advisory fees and interest payments on borrowings for investment
purposes during the Fund&rsquo;s fiscal year ended December 31, 2017 and estimated other expenses to be incurred during the
fiscal year ending December 31, 2018, in each case expressed as a percentage of the Fund&rsquo;s average net assets for the
fiscal year ended December 31, 2017 as adjusted to give effect to the completion of the Offer (<I>i.e.</I>, assumes that all
Primary Subscription Shares and all Over-Allotment Shares are sold). If the Fund issues fewer Shares and the net proceeds to
the Fund are reduced, all other things being equal, the total annual expenses shown could increase. The following
table should not be considered a representation of the Fund&rsquo;s future expenses. Actual expenses may be greater or less
than those shown below. </P>

<P STYLE="font: 10pt/normal TimesNewRomanPSMT,serif; margin: 0"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> <B>Stockholder Transaction Expenses</B> </P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> (As a Percentage of Estimated Subscription Price) </P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 66%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    Load<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    Expenses<SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.00575</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    Reinvestment Plan Fees</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voluntary
    Cash Purchase Plan Service Fee for a Sale</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.50</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voluntary
    Cash Purchase Plan Per Share Transaction Fee for a Sale<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.15</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voluntary
    Cash Purchase Plan Service Fee for a Purchase</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.75</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voluntary
    Cash Purchase Plan Per Share Transaction Fee for a Purchase<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.05</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> <B>Annual Expenses</B> </P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> (As a Percentage of Average Net Assets ) </P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; width: 66%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    Advisory Fees<SUP>(4)</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; width: 34%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.44%</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Payments on Borrowed Funds<SUP>(5)</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11%</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Expenses(6)</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.09%</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Annual Operating Expenses</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double">0.64%</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> _____ </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (1) The Rights are being offered
by the Fund directly to Stockholders without the services of an underwriter. </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (2) Offering expenses borne by the
Fund are estimated to be approximately $545,000 in the aggregate, or $0.00575 per Share. </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (3) Royce absorbed all such per share
transaction fees during the fiscal year ended December 31, 2017 and currently expects to continue to absorb such per share transaction
fees during the fiscal year ending December 31, 2018. No assurance can be given that Royce will continue to absorb such per share
transaction fees after that date. </P>

<P STYLE="font: 9pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(4)
The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net
assets applicable to common stockholders, plus the liquidation value of any preferred stock, for the rolling 60-month period ending
with such month (the &ldquo;performance period&rdquo;). The Basic Fee for each month is increased or decreased at the rate of
1/12 of 0.05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage
change in the investment record of the S&amp;P 600 Index for the performance period by more than two percentage points. The maximum
increase or decrease in the Basic Fee for any month may not exceed 1/12 of 0.5%. Accordingly, for each month, the maximum monthly
fee rate as adjusted for performance is 1/12 of 1.5% per annum of the Fund&rsquo;s average net assets, and is payable if the investment
performance of the Fund exceeds the percentage change in the investment record of the S&amp;P 600 Index by 12 or more percentage
points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of 0.5%. For the twelve
rolling 60-month periods in 2017, the Fund's investment performance ranged from 17% to 39% below the investment performance of
the S&amp;P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $11,967,837 and a net downward adjustment
of $5,983,917 for the performance of the Fund relative to that of the S&amp;P 600. For the year ended December 31, 2017, the Fund
expensed Royce investment advisory fees totaling $5,983,920. Although the aggregate dollar amount that the Fund pays Royce is
computed based upon the Fund&rsquo;s average net assets for rolling 60-month periods as described in this Prospectus, such amount
is expressed above as a percentage of the Fund&rsquo;s average net assets for the fiscal year ended December 31, 2017 as adjusted
to give effect to the completion of the Offer (<I>i.e.</I>, assumes that all Primary Subscription Shares and all Over-Allotment
Shares are sold); such percentage may differ from what the Fund presents as its investment advisory fee rate for financial reporting
purposes.</FONT> </P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> (5) Based upon the Fund&rsquo;s outstanding
borrowings for investment purposes of $70,000,000 under a revolving credit facility as of December 31, 2017 and a weighted average
borrowing cost of 2.2144% under such credit facility during the fiscal year ended December 31, 2017. The actual amount of interest
expense borne by the Fund will vary over time in accordance with the level of the Fund&rsquo;s use of leverage and variations
in market interest rates. The Fund may also use other forms of leverage, which may be subject to different expenses than those
estimated above. </P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> (6) &ldquo;Other Expenses&rdquo; are based
upon estimated expenses for the fiscal year ending December 31, 2018. </P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 12pt; text-align: center"><B>EXPENSE EXAMPLE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The following example illustrates
the hypothetical expenses (including estimated offering expenses related to the Offer of $545,000 in Year 1) that you would pay
on a $1,000 investment in the Shares, assuming (i) total annual operating expenses of 0.64% in each period shown below and (ii)
a 5% annual return. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ONE YEAR</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THREE YEARS</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIVE YEARS</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEN YEARS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $7 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $20 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $36 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $80 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the above table is to help a
Stockholder understand the fees and expenses that such Stockholder would bear directly or indirectly. <B>The example should not
be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown. </B>The assumption
in the example of a 5% annual return is required by SEC regulation and is applicable to all investment companies. The assumed 5%
annual return is not a prediction of, and does not represent, the projected performance of the Fund&rsquo;s common stock. Actual
annual rates of return may be more or less than those allowed for purposes of the example.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The example also assumes the reinvestment of
all dividends and distributions at NAV. The Plan, however, contemplates payment of net investment income dividends and capital
gain distributions in shares of the Fund&rsquo;s common stock (unless a stockholder elects to receive payments in cash), based
on the lower of the market price or NAV per Share on the valuation date, except that distributions may not be reinvested for less
than 95% of the market price.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The table below sets forth certain specified
information for an outstanding Share throughout each period presented and is designed to assist Stockholders in evaluating the
Fund&rsquo;s performance for the periods presented.&nbsp; This information is derived from the financial and accounting records
of the Fund.&nbsp; The financial highlights for each of the fiscal years ended December 31, 2015 through December 31, 2017 have
been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm.&nbsp; The prior financial highlights
for each of the fiscal years ended December 31, 2008 through December 31, 2014 were audited by <FONT STYLE="background-color: white">Tait,
Weller &amp; Baker, LLP, the Fund&rsquo;s former </FONT>independent registered public accounting firm. The information below should
be read in conjunction with the Fund&rsquo;s audited financial statements and the accompanying notes thereto for the fiscal year
ended December 31, 2017, which, together with the report of the Fund&rsquo;s independent registered public accounting firm, have
been incorporated by reference in the SAI. The Fund&rsquo;s most recent annual stockholder report is available without charge
by calling the Fund toll-free at (800) 221-4268. </P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Years
    Ended December 31,</FONT></TD></TR>
<TR STYLE="font-size: 1px">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="vertical-align: bottom; border-top: black 2px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: black 2px solid">&nbsp;</TD></TR>
<TR BGCOLOR="#dfe7f7">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Asset Value, Beginning of Period</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.85</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.56</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.24</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.17</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 7%; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.40</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INVESTMENT OPERATIONS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net investment income (loss)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.13</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.12</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net realized and unrealized gain (loss) on investments <BR>&#8193;and foreign currency</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.74</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.27</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.48</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.89</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR BGCOLOR="#dfe7f7">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total investment operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.87</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.36</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.01</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.01</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #000000 0px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DISTRIBUTIONS TO COMMON STOCKHOLDERS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net investment income</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.16</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.11</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net realized gain on investments and foreign currency</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.03</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.89</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.08</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.68</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2.08</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR STYLE="background-color: #f1f3f7">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total distributions to Common Stockholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.16</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.02</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.24</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1.82</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2.19</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CAPITAL STOCK TRANSACTIONS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effect of reinvestment of distributions by Common Stockholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.06</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.08</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.08</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR STYLE="background-color: #f1f3f7">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total capital stock transactions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.06</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.08</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.08</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(0.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR BGCOLOR="#dfe7f7">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Asset Value, End of Period</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.50</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.85</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.56</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.17</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; background-color: #d6e7f1; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
<TR BGCOLOR="#dfe7f7">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market Value, End of Period</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.33</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.01</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TOTAL RETURN:<SUP>1</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Asset Value</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.31</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
   <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26.87</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8.09</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.78</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market Value</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30.49</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.48</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9.59</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.93</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35.63</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #000000 1px solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RATIOS BASED ON AVERAGE NET ASSETS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment advisory fee expense<SUP>2</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.43</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.51</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.46</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.54</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.22</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.22</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.18</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.15</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.25</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
expenses (net)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.65</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.73</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.68</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.61</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.79</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expenses net of fee waivers and excluding interest expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.54</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.62</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.61</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.55</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.65</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expenses prior to fee waivers and balance credits</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.65</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.73</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.68</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.61</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.79</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expenses prior to fee waivers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.65</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.73</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.68</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.61</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.79</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net investment income (loss)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.80</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.85</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.78</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.72</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.70</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SUPPLEMENTAL DATA:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Assets<BR>&#8193;End of Period (in thousands)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,480,449</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,296,012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,072,035</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,231,955</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,307,829</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Portfolio Turnover Rate</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REVOLVING CREDIT AGREEMENT:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asset coverage</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2215</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1951</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1631</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1860</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1289</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-bottom: #d1d2d4 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asset coverage per $1,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,149</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,514</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,315</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,599</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,889</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="21" STYLE="border-top: black 2px solid">&nbsp;</TD></TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 12pt">
<TR STYLE="font-size: 1px">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: #000000 0px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund&#146;s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund&#146;s net asset value is used on the purchase and sale dates instead of market value.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; padding-top: 2pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    investment advisory fee is calculated based on average net assets over a rolling 60-month basis, while the above ratios of
    investment advisory fee expenses are based on the average net assets over a 12-month basis.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<!-- Field: Page; Sequence: 14 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><FONT STYLE="font: 10pt Times New Roman">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="19" align="center"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">
Years Ended December 31,</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Times New Roman">&#160;</font></td>
<td align="left"><font face="Times New Roman">&#160;</font></td>
<td valign="bottom" colspan="19" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">2012</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">2011</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">2010</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">2009</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">2008</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-bottom: 1px solid #003eb2;">&#160;</td>
</tr>
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">NET ASSET
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<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td width="7%" valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">14.18</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td width="7%" valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">16.73</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td width="7%" valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">12.87</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td width="7%" valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">9.37</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td width="7%" valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">19.74</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">INVESTMENT
 OPERATIONS:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Net
 investment income (loss)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.23</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.10</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.24</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.17</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.14</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Net realized
 and unrealized gain (loss) on
 investments and foreign
 currency</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">2.02</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(1.62</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">3.85</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">3.87</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(8.50</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-bottom: 1px solid #003eb2;">&#160;</td>
</tr>
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Total
 investment operations</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">2.25</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(1.52</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">4.09</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">4.04</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(8.36</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">DISTRIBUTIONS
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Net
 investment income</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.04</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.18</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.01</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Net
 realized gain on investments and foreign
 currency</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.13</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.16</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.20</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Return
 of capital</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.02</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#dfe7f7">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Total
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.17</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.19</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.20</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.20</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.21</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#dfe7f7">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
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<tr bgcolor="#dfe7f7">
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dfe7f7">
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(1.71</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">3.89</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">3.84</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(8.57</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">DISTRIBUTIONS
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Net
 investment income</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.17</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.08</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.03</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.06</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Net
 realized gain on investments and foreign
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.63</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.43</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(1.18</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Return
 of capital</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.27</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">&#150;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.32</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.48</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#dfe7f7">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Total
 distributions to Common Stockholders</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.80</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.78</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.03</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.32</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(1.72</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">CAPITAL STOCK
 TRANSACTIONS:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Effect
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 Common Stockholders</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.06</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.06</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.00</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.02</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.08</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#dfe7f7">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Total
 capital stock transactions</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.06</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.06</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.00</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.02</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(0.08</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#dfe7f7">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">NET ASSET
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">15.40</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">14.18</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">16.73</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">12.87</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">9.37</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#dfe7f7">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">MARKET VALUE,
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">13.42</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">12.27</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">14.54</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">10.79</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">8.39</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="21" style="border-top: 1px solid #003eb2;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">TOTAL RETURN:<sup>1</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Market Value</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">16.22</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(10.46</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">35.05</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">35.39</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(48.27</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Net Asset
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">15.41</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(10.06</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">30.27</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">44.59</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">(45.62</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">)%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">RATIOS BASED
 ON AVERAGE NET ASSETS </font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">APPLICABLE TO COMMON
                                 STOCKHOLDERS:</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Investment
 advisory fee expense<sup>2</sup></font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.56</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.86</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.11</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.00</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.27</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><FONT STYLE="font: 10pt Times New Roman">Other
 operating expenses</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.15</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.12</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.12</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.16</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.12</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Total expenses
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.71</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.98</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.23</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.16</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.39</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Expenses net
 of fee waivers and excluding interest expense</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.68</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.98</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.23</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.16</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.39</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.71</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.98</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.23</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.16</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.39</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Expenses prior
 to fee waivers</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.71</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.98</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.23</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.16</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.39</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.57</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.63</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.69</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">1.66</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">0.94</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">SUPPLEMENTAL
 DATA:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><P><FONT STYLE="font: 10pt Times New Roman">Net Assets
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman"> 1,082,426</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">966,640</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman"> 1,105,879</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">849,777</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">603,234</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><P><FONT STYLE="font: 10pt Times New Roman">Liquidation
 Value of Preferred Stock, <br>&#8193;End
 of Period (in thousands)</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">220,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">220,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">220,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">220,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Portfolio
 Turnover Rate</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">26</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">30</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">31</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">PREFERRED
 STOCK:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Total shares
 outstanding</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">8,800,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">8,800,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">8,800,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">8,800,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Asset coverage
 per share</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">134.88</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">150.67</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">121.57</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">93.55</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Liquidation
 preference per share</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25.00</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25.00</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25.00</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25.00</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Average month-end
 market value per share</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25.37</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">25.06</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">23.18</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">22.51</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman" color="#003eb2">REVOLVING
 CREDIT AGREEMENT:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Asset coverage</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">822</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">Asset coverage
 per $1,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">$</font></td>
<td valign="bottom" align="right"><FONT STYLE="font: 10pt Times New Roman">8,216</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>

<br>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 12pt">
<TR STYLE="font-size: 1px">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1px">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: #000000 0px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last
business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund's
Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund's net asset value is used on the
purchase and sale dates instead of market value.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment advisory fee is calculated based on average net assets over a rolling 60-month basis, while the above ratios of investment advisory fee expenses are
based on the average net assets applicable to Common Stockholders over a 12-month basis.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expense ratios based on total average net assets including liquidation value of Preferred Stock were 0.60%, 0.82%, 0.18%, 0.12% and 1.13% for the years ended
December 31, 2012, 2011, 2010, 2009 and 2008, respectively.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT PERFORMANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The table below presents average
annual total returns of the Fund&rsquo;s common stock on two separate bases. The NAV return is the compound average annual rate
of return, using NAVs, on an amount invested in the Fund from the beginning to the end of the stated period and assumes reinvestment
of net investment income dividends and capital gains distributions. Historically, Stockholders have been able to reinvest distributions
at prices below NAV from time to time and without commission costs. The Market Price return presents the same information, but
values the Fund at market price rather than NAV and, therefore, reflects the actual experience of a Stockholder, before commission
costs, who bought and sold Shares at the beginning and ending dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The record of the Russell 2000 Index has been
included so that the Fund&rsquo;s results may be compared with an unmanaged index reflecting the performance of the 2,000 smallest
companies in the Russell 3000 Index (which represent the 3,000 largest U.S. companies based on total market capitalization). As
of December 31, 2017, the average market capitalization of companies included in the Russell 2000 Index was approximately $1.86
billion. As of that date, the Russell 2000 Index had a total market capitalization range of approximately $3.9 million to $9.4
billion. The record of the S&amp;P 600 Index  has been included so that the
Fund&rsquo;s results may be compared with an unmanaged index reflecting 600 domestic stocks chosen by Standard &amp; Poor&rsquo;s
for market size, liquidity (bid-asked spread, ownership, share turnover and number of no trade days) and industry group representation.
The S&amp;P 600 Index is a market-value weighted index (stock price times the number of shares outstanding), with each stock&rsquo;s
weight in the index proportionate to its market value. As of December 31, 2017, the mean market capitalization of companies
included in the S&amp;P 600 Index was approximately $1.4 billion. As of that date, the S&amp;P 600 Index had a total market capitalization
range of approximately $95.5 million to $9.4 billion. The figures for the S&amp;P 600 Index and the Russell 2000 Index assume
reinvestment of dividends. It is not possible to invest directly in any index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>AVERAGE ANNUAL TOTAL RETURNS</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of December 31, 2017</B></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>From November 26, 1986 (inception) </B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to December 31, 2017</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>1-YR (%)</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>5-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>15-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>20-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>25-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>30-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>With Rights<BR>Offering<BR>Participation (%)</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Without Rights<BR>Offering<BR>Participation (%)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">NAV</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">19.38%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.63%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.47%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">7.18%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.79%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.45%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.73%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.53%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.01%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.83%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Market Price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">30.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.36%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.80%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">6.98%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.19%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.65%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.47%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.86%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.34%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.28%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Russell 2000 Index</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.65%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.96%`</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.12%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">8.71%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.17%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">7.89%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.54%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.46%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.66%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">S&amp;P 600 Index</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.16%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.93%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">15.95%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.41%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">12.26%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.72%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.24%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.58%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.51%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> The table above shows
since inception NAV and Market Price returns both with and without assumed primary participation in past rights offerings. Participation
in past rights offerings has had a positive impact on returns because it reflects the purchase of Shares in such offerings at
a discount to the then-current market price and NAV per Share. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> It should be noted that
the NAV Return for the period from November 26, 1986 through December 31, 2017 is based on the Fund&rsquo;s initial NAV of $9.28
per Share, rather than the initial public offering price of $10.00 per Share. Accordingly, that figure does not reflect underwriting
commissions and discounts or expenses of the offering paid by Stockholders who purchased their Shares in the initial public offering.
The Market Price return for the period from November 26, 1986 through December 31, 2017 is based on the initial public offering
price of $10.00 per Share. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> <B>The above results represent
past performance and should not be considered an indication of future performance.</B> Such information is provided only to give
an historical perspective of the Fund. The investment return and NAVs and market prices per Share will fluctuate, so that shares
of common stock may be worth more or less than their original cost when sold. </P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>STATEMENT OF ASSETS AND LIABILITIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"> The following table sets
forth, as of December 31, 2017: (i) the audited statement of assets and liabilities of the Fund and (ii) the adjusted unaudited
statement of assets and liabilities of the Fund which gives effect to the sale of 10,150,528 Shares (which assumes that the Primary
Subscription is fully subscribed and that the Fund exercises its over-allotment option and all Over-Allotment Shares are sold)
at an estimated Subscription Price of $15.70 per Share pursuant to the Offer, less the estimated offering expenses of $545,000,
and the application of the estimated net proceeds from the Offer in accordance with the Fund&rsquo;s investment goal and policies.&nbsp;
No assurance can be given that the Primary Subscription will be fully subscribed or that the Fund will exercise is over-allotment
option with all Over-Allotment Shares being sold. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>As of December 31, 2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Actual</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Audited)</B></P></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Adjusted</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Investments, at value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,503,413,059</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,662,231,349</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Cash and other assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$51,601,936</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$51,601,936</font></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Total Assets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,555,014,995</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,713,833,285</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Revolving Credit Agreement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$70,000,000</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$70,000,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$4,565,542</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$4,565,542</font></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$74,565,542</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$74,565,542</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,480,449,453</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,639,267,743</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Net Assets Consist of:</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Paid in capital, at $0.001 par value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,006,120,990</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,164,939,280</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Accumulated
    net investment income (loss)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$(1,725,122)</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$(1,725,122)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Accumulated net realized gain on investments</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">and foreign currency transactions</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$4,219,264</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$4,219,264</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Net unrealized appreciation on investments</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$471,834,321</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$471,834,321</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,480,449,453</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,639,267,743</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Net Asset Value Per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.50</font></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.30</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> We estimate the net proceeds to
the Fund from the Offer, assuming all Rights issued as part of the Primary Subscription are exercised, to be $132,257,736 or, if
pursuant to the over-allotment option, the Fund increases the number of Shares subject to subscription by an amount equal to 20%
and all Over-Allotment Shares are sold, $158,818,290. These figures also assume (i) a Subscription Price of $15.70, and (ii) payment
by the Fund of estimated offering expenses of $545,000. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> The net proceeds of the
Offer will be invested in accordance with the Fund's investment goal and policies as soon as practicable after completion
of the Offer. See <I>&ldquo;Investment Goal and Policies.&rdquo;</I> Royce anticipates that such investments will be made as appropriate investment
opportunities are identified, which process is expected to be substantially completed within three months assuming current market
conditions; however, changes in market conditions could result in the Fund's anticipated investment period extending to as long
as six months. Pending investment, the net proceeds of the Offer will be held in the types of short-term debt securities and instruments
in which the Fund is permitted to invest. It may be more difficult for the Fund to achieve its investment goal during any period
in which it invests a substantial portion of such proceeds in this manner. A portion of the cash held by the Fund, including any
net proceeds from the Offer, may be used to pay distributions in accordance with the MDP. </P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE OFFER</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Terms of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund is issuing to its common
stockholders of record as of the close of business on March __, 2018 non-transferable rights to subscribe for an aggregate of
8,458,773 shares of common stock of the Fund. The Fund may increase the number of Shares subject to subscription by up to 20%
of such amount through the exercise of its over-allotment option, or up to 1,691,755 Over-Allotment Shares, for an aggregate total
of 10,150,528 Shares. However, the Fund does not intend to sell Over-Allotment Shares to Stockholders to the extent that all Shares issued through the Offer would dilute (reduce) its NAV per Share by 2.0% or more. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Stockholder will receive one Right
for each whole Share held of record as of the Record Date, rounded up to the nearest number of Rights evenly divisible by ten.
In the case of Shares held of record by a Nominee, the number of Rights issued to such Nominee will be adjusted to permit rounding
up (to the nearest number of Rights evenly divisible by ten) of the Rights to be received by each of the beneficial owners for
whom it is the holder of record only if the Nominee provides to the Fund, on or before the close of business on __________ __,
2018, a written representation of the number of Rights required for such rounding. The Rights will allow Stockholders to subscribe
for one (1) Share for each ten (10) Rights held. The right of Stockholders to acquire one (1) Share for every ten (10) Rights is
referred to in this Prospectus as the &ldquo;Primary Subscription&rdquo; and the Shares issued through the Primary Subscription
are referred to as &ldquo;Primary Subscription Shares.&rdquo; As noted above, Stockholders may subscribe for __________ aggregate
Primary Subscription Shares as part of the Primary Subscription. Fractional Shares will not be issued upon the exercise of Rights.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Rights may be exercised at
any time during the Subscription Period, which commences on March __, 2018 and ends as of 5:00 p.m., Eastern Time, on April __,
2018, unless extended by the Fund (such date, as it may be extended, is referred to in this Prospectus as the &ldquo;Expiration
Date&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Some Stockholders may not
fully subscribe for all of their Primary Subscription Shares. Stockholders who fully exercise their Rights in the Primary Subscription
may subscribe for the Primary Subscription Shares not subscribed for by other Stockholders. In addition, as noted above, the Fund
may increase the number of Shares subject to subscription by up to 20% of the Primary Subscription Shares through the exercise
of its over-allotment option. See below in this section under the sub-heading <I>&ldquo;Over-Subscription Privilege&rdquo;</I>
for more information.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Subscription Price
will be the lower of (i) $0.25 below the last reported sale price per Share on the NYSE on the Pricing Date (currently April
__, 2018) or (ii) the NAV per Share on that date. Since the Expiration Date is the business day prior to the Pricing Date,
Stockholders who exercise their Rights will not know the Subscription Price at the time they exercise their Rights.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Rights are non-transferable, and
may not be purchased or sold. The Rights are evidenced by Subscription Certificates, which will be mailed to Stockholders. The
Rights will expire without residual value on the Expiration Date. The Rights will not be listed for trading on the NYSE, and there
will not be any market for trading Rights. The Fund&rsquo;s currently outstanding Shares are, and the Shares offered by this Prospectus
will be, subject to notice of issuance, listed on the NYSE under the symbol &ldquo;RVT.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Purposes of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Board has determined that it
would be in the best interests of the Fund and the Stockholders to continue to increase the assets of the Fund available for current
and future investment opportunities. In addition, the Offer seeks to reward the long-term stockholder by giving existing Stockholders
Rights to purchase additional Shares at a price below market price. Increasing the size of the Fund also might result in lowering
the Fund&#146;s expenses as a percentage of average net assets. Royce anticipates that investment of the net proceeds of the Offer
in accordance with the Fund&#146;s investment goal and policies will be made as appropriate investment opportunities are identified,
which process is expected to be substantially completed within three months assuming current market conditions; however, changes
in market conditions could result in the Fund&#146;s anticipated investment period extending to as long as six months .</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Subscription Price will
be determined the first business day subsequent to the Expiration Date in order to ensure that the Offer will attract the maximum
participation of Stockholders with the minimum dilution to non-participating Stockholders.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Board voted unanimously
to approve the terms of the Offer. Two of the Fund&rsquo;s Directors who voted to authorize the Offer are affiliated with Royce
and, therefore, could benefit indirectly from the Offer. The other seven directors are not &ldquo;interested persons&rdquo; of
the Fund within the meaning of the 1940 Act. Royce may also benefit from the Offer because its fee is partially based on the net
assets of the Fund. See <I>&ldquo;Investment Advisory and Other Services &#8722; Advisory Fee.&rdquo;</I> It is not possible to
state precisely the amount of additional compensation Royce might receive as a result of the completion of the Offer because it
is not known how many Shares will be subscribed for and because the proceeds of the Offer will be invested in additional portfolio
securities, which will fluctuate in value.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Fund may, in the future,
choose to make additional rights offerings from time to time to its common stockholders for a number of shares and on terms that
may or may not be similar to this Offer. Any such future rights offerings will be made in accordance with the terms and conditions
of the MDP Order and the-then applicable requirements of the 1940 Act and the Securities Act of 1933, as amended (the &ldquo;1933
Act&rdquo;). See below in this section under the sub-heading <I>&ldquo;Other Rights Offerings.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">No assurance can be given
that the Fund or the Stockholders will achieve any of the foregoing objectives or benefits through the completion of the Offer.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Over-Subscription Privilege</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> <FONT STYLE="font-size: 10pt">If
some Stockholders do not exercise all of the Rights issued to them as part of the Primary Subscription, any Primary Subscription
Shares for which subscriptions have not been received from Stockholders will be offered by means of the Over-Subscription Privilege
to those Stockholders who have exercised all of the Rights initially issued to them and who wish to acquire additional Shares.
Stockholders who exercise all of the Rights initially issued to them should indicate on the Subscription Certificate how many
Shares they are willing to acquire through this Over-Subscription Privilege. If sufficient Shares remain after completion of the
Primary Subscription, all over-subscription requests will be honored in full. However, if sufficient Shares are not available
to honor all over-subscription requests, the Fund may issue up to an additional 20% of the initial Shares (the &ldquo;Over-Allotment
Shares&rdquo;), in order to satisfy such over-subscription requests. The Fund does not intend to sell Over-Allotment Shares to
Stockholders to the extent that all Shares issued through the Offer would dilute (reduce) its NAV per Share by 2.0% or more. To
the extent that there are not sufficient Shares to honor all over-subscription requests, the available Shares will be allocated
among those who over-subscribe based on the number of Rights originally issued to them by the Fund, so that the number of Shares
issued to Stockholders who subscribe through the Over-Subscription Privilege will generally be in proportion to the number of
Shares owned by them on the Record Date. The percentage of remaining Shares that each over-subscribing Stockholder may acquire
may be rounded up or down to result in delivery of whole Shares. The allocation process may involve a series of allocations in
order to ensure that the total number of Shares available for over-subscriptions is distributed, as nearly as may be practicable,
on a pro rata basis. The Fund will not offer or sell any Shares which are not subscribed for through the Primary Subscription
or the Over-Subscription Privilege. The combination of the Over-Subscription Privilege and the Fund&rsquo;s election to issue
Over-Allotment Shares may result in additional dilution of interest and voting rights to Stockholders, and additional reduction
in the Fund&rsquo;s NAV per Share.</FONT> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Charles M. Royce and certain
other officers and employees of Royce may purchase shares of common stock in the Primary Subscription and the Over-Subscription
Privilege. Any such purchases will be made on the same terms applicable to other Stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Subscription Price</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Subscription Price will be
the lower of (i) $0.25 below the last reported sale price per Share on the NYSE on the Pricing Date (currently April __, 2018)
or (ii) the NAV per Share on that date. For example, if the last reported sale price per Share on the NYSE on the Pricing
Date is $16.30 and the NAV per Share on that date is $17.50, the Subscription Price will be $16.05. However, if the last
reported sale price per Share on the NYSE on the Pricing Date is $17.60 and the NAV per Share on that date is $17.25, then
the Subscription Price will be $17.25.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> The Fund announced the
Offer after the close of trading on the NYSE on January 25, 2018 through the issuance of a press release. The NAV per Share as
of December 31, 2017 and at the close of business on February 27, 2018 were $17.50 and $17.47, respectively, and the last reported
sales prices per Share on the NYSE on those dates were $16.17 and $15.95, respectively. </P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Expiration of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Expiration Date is 5:00 p.m., Eastern
Time, on April __, 2018, unless extended by the Fund. The Rights will expire on the Expiration Date and may not be exercised after
that date. Since the time of the close of the Offer on the Expiration Date is prior to the Pricing Date, Stockholders who choose
to exercise their Rights will not know the Subscription Price when they decide whether to acquire Shares through the Primary Subscription
or the Over-Subscription Privilege.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Subscription Agent</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The subscription agent for the
Offer is Computershare Trust Company, N.A. (in such capacity, the &ldquo;Subscription Agent&rdquo;). The Fund expects that
Computershare Trust Company, N.A. will receive fixed fees of approximately $46,285 along with certain variable fees and
 reimbursement for all out-of-pocket expenses related to its services as Subscription Agent in connection with the Offer.
The Subscription Agent is also the Fund&rsquo;s transfer agent, dividend-paying agent, and registrar for the Fund&rsquo;s
shares of common stock and the plan agent under the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Information Agent</b></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Any questions or
requests for assistance may be directed to the Information Agent at its telephone number listed below:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GEORGESON LLC</B> <BR> TOLL FREE:
(866) 431-2108 </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders may also call the Fund
(toll free) at (800) 221-4268 or contact their Nominees, who hold Shares for the account of others, for information with respect
to the Offer.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund expects that Georgeson
LLC will receive fees of approximately $15,000 and reimbursement for all out-of-pocket expenses related to its services
as Information Agent in connection with the Offer. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Method for Exercising
Rights</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Stockholders may exercise their
Rights by filling in and signing the accompanying Subscription Certificate and mailing it in the envelope provided to the Subscription
Agent, together with any required payment for the Shares as described below under &ldquo;Payment for Shares.&rdquo; Stockholders
whose Shares are held by a Nominee such as a broker, bank or trust company, must contact that
Nominee to exercise their Rights. In that case, the Nominee will complete the Subscription Certificate on behalf of the applicable
Stockholder and arrange for proper payment as set forth below under &ldquo;Payment for Shares.&rdquo; Nominees who hold Shares
for the account of others should notify the respective beneficial owners of such Shares as soon as possible to ascertain the intentions
of such beneficial owners and to obtain instructions with respect to the Rights. If the beneficial owner so instructs, the Nominee
should complete the Subscription Certificate and submit it to the Subscription Agent, together with the proper payment described
below under &ldquo;Payment for Shares.&rdquo; Fractional Shares will not be issued. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Completed Subscription
Certificates and the required payment for Shares may be sent to the Subscription Agent by the following methods at the addresses
set forth below and must be received by the Subscription Agent prior to 5:00 p.m., Eastern Time, on the Expiration Date (currently
April __, 2018).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><I>By First Class Mail:</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Computershare Trust Company, N.A. <BR>Attn:
Corporate Actions <BR> PO Box 43011 <BR>Providence, RI 02940-3011 </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>By Express Mail or
Overnight Courier:</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Computershare Trust Company, N.A. <BR>Attn:
Corporate Actions <BR> 250 Royall Street <BR>Suite V <BR>Canton, MA 02021 </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">DELIVERY TO AN ADDRESS
OTHER THAN THE ABOVE <BR>DOES NOT CONSTITUTE GOOD DELIVERY.</P>



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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Payment for Shares</b></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders who
are record owners can send payment for the Shares acquired in the Primary Subscription and any additional shares subscribed for
pursuant to the Over-Subscription Privilege, together with the Subscription Certificate, to the Subscription Agent based on an
assumed purchase price of $_____ per Share. To be accepted, such payment, together with the Subscription Certificate, must be received
by the Subscription Agent prior to 5:00 p.m., Eastern Time, on the Expiration Date (currently April __, 2018) as set forth above.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Payment by check
must accompany any Subscription Certificate for the Subscription Certificate to be accepted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">YOU WILL HAVE NO
RIGHT TO RESCIND YOUR SUBSCRIPTION AFTER THE SUBSCRIPTION AGENT HAS RECEIVED THE SUBSCRIPTION CERTIFICATE, EXCEPT AS PROVIDED BELOW
UNDER &ldquo;NOTICE OF NET ASSET VALUE DECLINE / POSSIBLE SUSPENSION OF THE OFFER.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The method of delivery
of Subscription Certificates and payment of the Subscription Price to the Fund will be at the election and risk of Stockholders,
but if sent by mail it is recommended that such Subscription Certificates and payment be sent by registered mail, properly insured,
with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Fund and clearance of
payment prior to 5:00 p.m., Eastern Time, on the Expiration Date. Please note that checks may take at least five business days
to clear and may, at the discretion of the Fund, not be accepted if not cleared prior to the Expiration Date (currently April __,
2018).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Issuance and delivery
of Shares purchased pursuant to the Offer are subject to collection of funds and actual payment by the subscribing Stockholder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">A confirmation will
be sent by the Subscription Agent to each Stockholder (or, if the relevant Shares on the Record Date are held by a Nominee, to
such Nominee) by April __, 2018, showing (i) the number of Shares acquired pursuant to the Primary Subscription; (ii) the number
of Shares, if any, acquired through the Over-Subscription Privilege; and (iii) any additional amount payable by the Stockholder
to the Fund or any excess to be refunded by the Fund to the Stockholder, in each case based on the Subscription Price as determined
on the Pricing Date. Any additional payment required from a Stockholder must be received by the Subscription Agent within ten (10)
business days after the Confirmation Date. Any excess payment to be refunded by the Fund to a Stockholder will be mailed by the
Subscription Agent to such Stockholder as promptly as possible within ten (10) business days after the Confirmation Date. <b>All payments
by a Stockholder must be made in United States dollars by check drawn on a bank located in the United States of America and payable
to &ldquo;Royce Value Trust, Inc.&rdquo; Money orders and certified or bank cashier&rsquo;s checks will not be accepted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> If a Stockholder who acquires Shares
through the Primary Subscription or the Over-Subscription Privilege does not make payment of all amounts due by the tenth (10th)
business day after the Confirmation Date, the Fund reserves the right to (i) find other Stockholders to purchase such subscribed
for and unpaid Shares; (ii) apply any payment actually received by it toward the purchase of the greatest number of whole Shares
which could be acquired by such Stockholder through the Primary Subscription and/or the Over-Subscription Privilege; and/or (iii)
exercise any and all other rights and/or remedies to which it may be entitled, including, without limitation, the right to set-off
against payments actually received by it with respect to such subscribed Shares. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All questions concerning
the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will
be final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity
to be corrected within such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be
deemed to have been received or accepted until all irregularities have been waived or cured within such time as the Fund determines
in its sole discretion. The Fund will not be under any duty to give notification of any defect or irregularity in connection with
the submission of Subscription Certificates or incur any liability for failure to give such notification.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Notice of Net Asset Value Decline / Possible
Suspension of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has, as required by the SEC&rsquo;s
registration form, undertaken to suspend the Offer until it amends this Prospectus if, subsequent to March __, 2018, the effective
date of the Fund&rsquo;s Registration Statement, the Fund&rsquo;s NAV per share declines more than 10% from its NAV per share as
of March __, 2018. Accordingly, the Fund will notify Stockholders of any such decline and thereby permit them to cancel any exercise
of Rights contemplated hereunder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Delivery of Shares</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Participants in the Fund&rsquo;s Distribution
Reinvestment and Cash Purchase Plan will have any Shares acquired through the Primary Subscription and the Over-Subscription Privilege
credited to their Plan accounts. Stock certificates will not be issued for Shares credited to Plan accounts. Stockholders whose
Shares are held of record by a Nominee on their behalf will have any Shares acquired through the Primary Subscription and the Over-Subscription
Privilege credited to the account of such Nominee. </P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Dilution</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> If you do not exercise all of your
Rights in connection with the Primary Subscription, you should expect to own a smaller proportional interest in the Fund upon
completion of the Offer, resulting in immediate ownership and voting dilution.&nbsp; You will experience further immediate ownership
and voting dilution in the event the Fund issues Over-Allotment Shares and you do not submit a subscription request pursuant to
the Over-Subscription Privilege. As noted above, the Fund does not intend to sell Over-Allotment Shares to Stockholders to the
extent that all Shares issued through the Offer would dilute (reduce) its NAV per Share by 2.0% or more. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> You will experience a
reduction in NAV per Share as a result of the expenses incurred by the Fund (and indirectly by all Stockholders) in
connection with the Offer. You will experience a further reduction in NAV per Share in the event the Subscription Price is
below the NAV per Share on the Expiration Date, because: (i) the offered Shares are being sold at less than their current
NAV; and (ii) the number of Shares outstanding after completion of the Offer will have increased proportionately more than
the increase in the amount of the Fund&rsquo;s net assets. The following example illustrates the hypothetical NAV per Share
dilution a Stockholder would experience given the assumptions below. Such illustrations should not be considered a
representation of actual future NAV per Share dilution. Actual NAV per Share dilution may be higher or lower than that shown
below. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="6" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HYPOTHETICAL
    DILUTION ILLUSTRATION</B></FONT> </TD></TR>
<TR>
    <TD STYLE="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumed
    Subscription Price</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumed
    NAV Per Share on Pricing Date</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All
    Primary Subscription Shares Sold</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-Allotment
    Option Exercised</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated
    Offer Expenses</B></FONT> </TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>NAV Per Share Dilution
        </B> </P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>($)/(%)</B> </P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$15.70</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17.47</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$545,000</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">($0.167)/(0.95%)</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$15.70</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17.47</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
    (In Full)</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$545,000</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">($0.195)/(1.12%)</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Although the Fund cannot state precisely
the amount of any NAV per Share dilution because it is not known as of the date of this Prospectus what the Subscription Price
or NAV per Share will be on the Expiration Date, how many Shares will be subscribed for, what the exact expenses of the Offer
will be, or whether and to what extent the Fund will exercise its over-allotment option, such NAV per Share dilution will apply
whether or not you exercise all of your Rights under the Primary Subscription or purchase any Over-Subscription Shares. </P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Other Rights Offerings</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund had below-NAV rights offerings
during each of the seven years ended December 31, 1995 and during 2003, and may have similar rights offerings in the future. Any
such future rights offerings will be made in accordance with the terms and conditions of the MDP Order and the-then applicable
requirements of the 1940 Act and the 1933 Act and offered by means of separate prospectuses. In particular, the MDP Order provides,
among other things, that rights offerings to the Fund&rsquo;s holders of common stock are permitted at below NAV, and other offerings
are permitted if the Fund&rsquo;s annualized distribution rate for the six months ending on the last day of the month ended immediately
prior to the most recent distribution record date, expressed as a percentage of NAV as of such date, is no more than one percentage
point greater than the Fund&rsquo;s average annual total return for the five-year period ending on such date.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>INVESTMENT GOAL AND POLICIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Investment Goal</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s investment goal is
long-term capital growth. The Fund&rsquo;s investment goal is a fundamental policy of the Fund and may not be changed without Stockholder
approval as described in more detail below in this section under the sub-heading <I>&ldquo;Changes in Investment Goal and Methods/Policies.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There are various risks inherent in
any investment. No assurance can be given that the Fund will achieve its investment goal. See <I>&ldquo;Risk Factors and Special
Considerations.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Principal Investment Methods/Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund normally invests at least 65%
of its assets in the equity securities of small- and micro-cap companies, generally those with stock market capitalizations ranging
from $100&nbsp;million to $3 billion, that Royce believes are trading below its estimate of their current worth.
The Fund also may invest up to 25% of its assets in securities of issuers headquartered outside the United States. The Fund may
invest a portion of its assets in companies with stock market capitalizations in excess of $3 billion.</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce uses various value methods
in managing the Fund&rsquo;s assets. In selecting securities for the Fund, Royce evaluates the quality of a company&rsquo;s balance
sheet, the level of its cash flows and other measures of a company&rsquo;s financial condition and profitability. Royce may also
consider other factors, such as a company&rsquo;s unrecognized asset values, its future growth prospects or its turnaround potential
following an earnings disappointment or other business difficulties. Royce then uses these factors to assess the company&rsquo;s
current worth, basing this assessment on either what they believe a knowledgeable buyer might pay to acquire the entire company
or what they think the value of the company should be in the stock market.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce generally will invest in
securities of companies that are trading below its estimate of the company&rsquo;s current worth in an attempt
to reduce the risk of overpaying for such companies. Seeking long-term growth of capital, they also evaluate the prospects for
the market price of the company&rsquo;s securities to increase over a two- to five-year period toward this estimate.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce&rsquo;s value approach
strives to reduce some of the other risks of investing in the securities of smaller companies (for the Fund&rsquo;s portfolio taken
as a whole) by evaluating other risk factors. For example, Royce generally attempts to lessen financial risk by buying companies
with strong balance sheets and low leverage.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Although Royce&rsquo;s approach
to security selection seeks to reduce downside risk to the Fund&rsquo;s portfolio, especially during periods of broad-smaller-company
stock market declines, it may also potentially have the effect of limiting gains in strong smaller-company up markets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Other Investment Methods/Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Non-Convertible Debt. </I>The
Fund may invest up to 35% of its assets in direct obligations of the government of the United States or its agencies and/or in
non-convertible debt securities of various issuers, including up to 5% of its net assets in below investment-grade debt securities,
also known as high-yield fixed income securities. Such below investment-grade debt securities may be in the lowest-grade categories
of recognized ratings agencies (C in the case of Moody&rsquo;s Investor Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;) or D in the
case of S&amp;P Global Ratings, a Standard &amp; Poor&rsquo;s Financial Services LLC business (&ldquo;Standard &amp; Poor&rsquo;s&rdquo;))
or may be unrated. High-yield/high-risk investments are primarily speculative and may entail substantial risk of loss of principal
and non-payment of interest, but may also produce above-average returns for the Fund. Debt securities rated C or D may be in default
as to the payment of interest or repayment of principal. There are no limits on the maturity or duration of the debt securities
in which the Fund may invest. The maturity of a security is generally the period remaining until the principal amount must unconditionally
be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. Duration is
a mathematical concept that measures a portfolio's sensitivity to interest rate changes. The longer a debt portfolio's duration,
the more sensitive it is to changes in interest rates. The shorter a debt portfolio's duration, the less sensitive it is to changes
in interest rates. For example, the price of a debt portfolio with a duration of five years would be expected to fall approximately
five percent if interest rates rose by one percentage point and a debt portfolio with a duration of two years would be expected
to fall approximately two percent if interest rates rose by one percentage point. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Warrants, Rights or Options. </I>The
Fund may invest up to 5% of its assets in warrants, rights or options. A warrant, right or call option entitles the holder to purchase
a given security within a specified period for a specified price and does not represent an ownership interest in the underlying
security. A put option gives the holder the right to sell a particular security at a specified price during the term of the option.
These securities have no voting rights, pay no dividends and have no liquidation rights. In addition, market prices of warrants,
rights or call options do not necessarily move parallel to the market prices of the underlying securities; market prices of put
options tend to move inversely to the market prices of the underlying securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Portfolio Lending
Transactions</I>.&nbsp; The Fund&rsquo;s non-fundamental investment restrictions permit it to lend up to 25% of its assets to
brokers, dealers and other financial institutions. As noted above, the Fund&rsquo;s borrowings under the revolving credit
facility with BNPPI are done on a secured basis, which means the Fund is required to pledge portfolio securities as
collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory
standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan
balance outstanding. The revolving credit facility also permits, subject to certain conditions, BNPPI to re-hypothecate or
loan portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. Such re-hypothecation allows
the Fund to retain ownership of the re-hypothecated securities and to continue to receive payments in lieu of dividends and
interest  on such re-hypothecated securities. The Fund also has the right under the revolving credit facility to recall the
re-hypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, BNPPI
will compensate the Fund for any fees or losses related to the failed delivery or, in the event a recalled security is not
returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled
security failed to be returned.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><I>Temporary Investments.
</I>Under normal circumstances, the assets of the Fund are primarily invested in the equity securities of micro-cap and small-cap
companies. However, for temporary defensive purposes (i.e., when Royce determines that market conditions warrant) or when it has
uncommitted cash balances, the Fund may also invest in U.S.&nbsp;Treasury bills, domestic bank certificates of deposit, repurchase
agreements with its custodian bank covering United States Treasury and agency obligations having a term of not more than one week,
high-quality commercial paper and money market funds registered under the 1940 Act, or retain all or part of its assets in cash.
Accordingly, the composition of the Fund&rsquo;s portfolio may vary from time to time. If the Fund should implement a temporary
investment policy, such policy would be inconsistent with its investment goal and the Fund may not achieve its investment goal
while that policy is in effect.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Changes in Investment Goal and Methods/Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s investment goal of
long-term capital growth is a fundamental policy of the Fund and may not be changed without the approval of the holders of a majority
of the Fund&rsquo;s outstanding shares of common stock and preferred stock (if any), voting together as a single class, and a majority
of the outstanding preferred stock (if any), voting as a separate class (which for this purpose and under the 1940 Act means the
lesser of (i)&nbsp;67% or more of the relevant shares of capital stock of the Fund present or represented at a meeting of stockholders,
at which the holders of more than 50% of the outstanding relevant shares of capital stock are present or represented or (ii)&nbsp;more
than 50% of the outstanding relevant shares of capital stock of the Fund). Except as indicated under <I>&ldquo;Investment Restrictions&rdquo;</I>
in the SAI, the Fund does not consider its other policies, such as investing at least 65% of its assets in the equity securities
of micro-cap and small-cap companies to be fundamental, and such policies may be changed by the Board without stockholder approval
or, except as required by law, prior notice to stockholders. Although the Fund may seek current income by investing in dividend-paying
equity securities of small- and micro-cap companies, this is not the Fund&rsquo;s primary investment goal.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Fund&rsquo;s investment
policies are subject to certain restrictions. See <I>&ldquo;Investment Restrictions&rdquo;</I> in the SAI.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>RISK FACTORS AND SPECIAL
CONSIDERATIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><I>The Offer and an investment
in the Fund are subject to the following principal risks.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Market Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As with any closed-end fund that invests
in common stocks, the Fund is subject to market risk&mdash;the possibility that common stock prices will decline over short or
extended periods of time. As a result, the NAV per Share will fluctuate, sometimes sharply and unpredictably, and you could lose
money over short or long periods of time. The Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed
by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation,
the Federal Reserve Board, or any governmental agency.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">As noted above under <I>&ldquo;Prospectus
Summary &#8722; Principal Risk Factors and Special Considerations at a Glance &#8722; Dilution - Net Asset Value and Non-Participation
in the Offer,&rdquo;</I> the NAV per Share will be reduced immediately following the Offer to the extent: (i) offering expenses
are paid by the Fund and (ii) the Subscription Price is below the NAV per Share on the Expiration Date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Market Price of Shares</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Shares of common stock of closed-end
investment companies often trade in the market at prices lower than their NAV per Share. Market price risk is a risk separate
and distinct from the risk that the Fund&rsquo;s NAV per Share will decrease. The Shares have recently traded at a discount to
NAV, with a discount as high as 18.43% during the past five years. During the year ended December 31, 2017, the Shares traded
at an average discount to NAV of 11.07%. As of December 31, 2017, the discount to NAV was 8.70%. Common shares of closed-end investment
companies may, however, trade at prices higher than their NAV during some periods. No assurance can be given that the Shares will
trade at a price higher than or equal to NAV. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to NAV, the market price
of Shares may be affected by such factors as the Fund&rsquo;s dividend and distribution levels and stability, market liquidity,
market supply and demand, unrealized gains, general market and economic conditions, and other factors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investing in Smaller Capitalization Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As noted above, Royce normally invests
at least 65% of the Fund&rsquo;s assets in the equity securities of micro-cap and small-cap companies, generally with stock market
capitalizations ranging from $100&nbsp;million to $3&nbsp;billion. Royce views the large and diverse universe of smaller companies
in which the Fund primarily invests as having two investment segments or tiers &mdash; micro-cap and small-cap. Royce refers to
the segment of companies with market capitalizations from $100 million to $1 billion as micro-cap. Royce defines the next tier,
the small-cap universe, as those companies with market capitalizations between $1 billion and $3 billion. The Fund may also invest
a portion of its assets in mid-cap and/or large-cap securities. Royce defines mid-cap as those companies with market caps between
$3 billion and $15 billion. Large-cap is defined by Royce as those companies with market caps of more than $15 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> Smaller capitalization companies
offer investment opportunities and additional risks. They may not be well known to the investing public, may not be significantly
owned by institutional investors, and may not have steady earnings growth. The securities of such companies may also be more volatile
in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities
of larger capitalization companies. As a result, the Fund may have difficulty selling holdings or may only be able to sell holdings
at prices substantially lower than what Royce believes they are worth. In addition, the purchase or sale of more than a limited
number of shares of the securities of a smaller company may affect its market price. Royce may need a considerable amount of time
to purchase or sell its positions in these securities, particularly when other Royce-managed accounts or other investors are also
seeking to purchase or sell them. Accordingly, Royce&rsquo;s investment focus on the securities of smaller companies generally
leads it to have a long-term investment outlook of at least two years for a portfolio security. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> There were almost 2,900 domestic companies with market capitalizations up to $1 billion as of December 31, 2017. These companies are followed by
few, if any, securities analysts, and there tends to be less publicly available information about them. Their securities generally
have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are small-cap
securities with market caps of more than $1 billion and mid-cap securities, and Royce may be able to deal with only a few market-makers
when purchasing and selling micro-cap securities. Such companies may also have limited markets, financial resources or product
lines, may lack management depth, and may be more vulnerable to adverse business or market developments. These conditions, which
create greater opportunities to find securities trading below Royce&rsquo;s estimate of the company&rsquo;s current worth, also
involve increased risk. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> As of December 31, 2017, there were approximately 750 domestic small-cap companies (i.e., those with market capitalizations between $1 billion and $3 billion). In this segment, there is a relatively
higher level of institutional investor ownership and more research coverage by securities analysts than generally exists for micro-cap
companies. This greater attention makes the market for such securities more efficient compared to micro-cap securities because
they have somewhat greater trading volumes and narrower bid/ask prices. In general, mid-caps share many of the same characteristics
as those companies with market caps between $1 billion and $3 billion. As a result, Royce may employ a more concentrated approach
when investing in these companies, holding proportionately larger positions in a relatively limited number of securities. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Selection Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Royce invests in securities of companies
that are trading below its estimate of the company&rsquo;s &ldquo;current worth&rdquo; in an attempt to reduce the risk of overpaying
for such companies. Royce&rsquo;s value approach strives to reduce some of the other risks of investing in small- and micro-cap
companies (for the Fund&rsquo;s portfolio taken as a whole) by evaluating various other risk factors. Royce attempts to lessen
financial risk by buying companies that combine strong balance sheets with low leverage. While no assurance can be given that
this risk-averse value approach will be successful, Royce believes that it can reduce some of the risks of investing in the securities
of small- and micro-cap companies, which are inherently fragile in nature and whose securities have substantially greater market
price volatility. Although Royce&rsquo;s approach to security selection seeks to reduce downside risk to the Fund&rsquo;s portfolio,
especially during periods of broad small-cap market declines, it may also potentially have the effect of limiting gains in strong
smaller company up markets. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Different types of stocks tend to shift
into and out of favor with stock market investors, depending on market and economic conditions. The performance of funds that invest
in value-style stocks may at times be better or worse than the performance of stock funds that focus on other types of stocks or
that have a broader investment style. In addition, Royce&rsquo;s estimate of a company&rsquo;s current worth may prove to be inaccurate,
or this estimate may not be recognized by other investors, which could lead to portfolio losses. Securities in the Fund&rsquo;s
portfolio may not increase as much as the market as a whole and some securities may continue to be undervalued for long periods
of time.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Foreign Securities Risks</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce defines &ldquo;foreign&rdquo;
as those securities of companies headquartered outside of the United States. Royce believes that investing in foreign securities
offers both enhanced investment opportunities and additional risks beyond those present in U.S. securities. Investing in foreign
securities may provide increased diversification by adding securities from various foreign countries (i) that offer different investment
opportunities, (ii) that generally are affected by different economic trends, and (iii) whose stock markets may not be correlated
with U.S. markets. At the same time, these opportunities and trends involve risks that may not be encountered in U.S. investments.
The Fund may invest in the securities of companies whose economic fortunes are linked to non-U.S. countries but that do not meet
the Fund&rsquo;s definition of a foreign security. To the extent the Fund invests in this manner, the percentage of the Fund&rsquo;s
portfolio that is exposed to non-U.S. country risks may be greater than the percentage of the Fund&rsquo;s assets that the Fund
defines as representing foreign securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The following considerations comprise
both risks and opportunities not typically associated with investing in U.S. securities: fluctuations in exchange rates of foreign
currencies because the Fund does not intend to hedge its foreign currency exposure; possible imposition of exchange control regulations
or currency restrictions that would prevent cash from being brought back to the United States; less public information with respect
to issuers of securities; less government supervision of stock exchanges, securities brokers, and issuers of securities; lack
of uniform accounting, auditing, and financial reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of foreign
taxes; the possibility of expropriation or confiscatory taxation, seizure, or nationalization of foreign bank deposits or other
assets, the adoption of foreign government restrictions, and other adverse political, social, or diplomatic developments that
could affect investment; possible difficulties in obtaining and/or enforcing legal judgments in foreign courts; restrictions or
prohibitions on foreign investment, including prohibitions or restrictions on investments in specific industries or market sectors;
limitations on the total amount or type of position in any single issue; possible imposition by foreign governments of prohibitions
or substantial restrictions on foreign investments in their capital markets or in certain industries; sometimes less advantageous
legal, operational, and financial protections applicable to foreign sub-custodial arrangements; and the historically lower level
of responsiveness of foreign management to stockholder concerns (such as dividends and return on investment). </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Developing Country Risks</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The risks described above for foreign
securities, including the risks of nationalization and expropriation of assets, are typically increased to the extent that the
Fund invests in companies headquartered in developing, or emerging market, countries. Developing (or emerging markets) countries
include every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South
Korea, Taiwan, Bermuda, and Western European countries (as defined in the Funds&rsquo; Statement of Additional Information). Investments
in securities of companies headquartered in such countries may be considered speculative and subject to certain special risks.
The political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries
may lack the social, political, and economic characteristics of more developed countries. Certain of these countries have in the
past failed to recognize private property rights and have at times nationalized and expropriated the assets of private companies.
Some countries have inhibited the conversion of their currency to another. The currencies of certain developing countries have
experienced devaluation relative to the U.S. dollar, and future devaluations may adversely affect the value of the Fund&rsquo;s
assets denominated in such currencies because the Fund does not intend to hedge its foreign currency exposure. Some developing
countries have experienced substantial rates of inflation for many years. Continued inflation may adversely affect the economies
and securities markets of such countries. In addition, unanticipated political or social developments may affect the value of the
Fund&rsquo;s investments in these countries and the availability to the Fund of additional investments in these countries. The
small size, limited trading volume, and relative inexperience of the securities markets in these countries may make a Fund&rsquo;s
investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required
to establish special custodial or other arrangements before making investments in these countries. There may be little financial
or accounting information available with respect to companies headquartered in these countries, and it may be difficult as a result
to assess the value or prospects of an investment in such companies.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Risks to Common Stockholders
of Borrowing Money and Issuing Senior Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>General</I>. The 1940 Act and
the Fund&rsquo;s fundamental investment policies (see <I>&ldquo;Investment Restrictions&rdquo;</I> in the SAI) permit the Fund
to borrow money from banks and certain other lenders and to issue and sell senior securities representing indebtedness or consisting
of preferred stock if various requirements are met. Such requirements include asset coverage tests, measured immediately after
the incurrence of debt or the issuance or sale of securities, of 300% for indebtedness and 200% for preferred stock and, except
for indebtedness to banks and certain other lenders, restrictive provisions concerning common stock dividend payments, other common
stock distributions, stock repurchases and maintenance of asset coverage and giving certain senior security holders the right to
elect directors in the event specified asset coverage tests are not met or dividends are not paid. Although the incurrence of such
leverage would allow the Fund to raise additional cash for investments, it is a speculative investment technique that may subject
the Fund to increased risk and volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Borrowings.</I> As noted
above, the Fund has entered into a revolving credit facility with BNPPI. The Fund pays interest on the amount drawn under
such credit facility at a variable rate that is equal to the 3-Month LIBOR Rate plus 0.95% as well as a commitment fee of
0.50% per annum on the unused portion of the facility. The Fund borrowed an average daily balance of $70,000,000 at a
weighted average borrowing cost of 2.7483% under such credit facility for the month ended February 28, 2018. The revolving credit facility has a 360-day rolling term that
resets daily; however, if the Fund exceeds certain net asset value triggers, the facility may convert to a 60-day rolling
term that resets daily. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> As of December 31, 2017, the Fund
had 84,587,724 shares of common stock issued and outstanding, with aggregate net assets of $1,480,449,453, along with outstanding
borrowings for investment purposes of $70,000,000 under the revolving credit facility with BNPPI. During the fiscal year ended
December 31, 2017, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 2.2144% under
such revolving credit facility. Based on such information, the Fund&#146;s total portfolio of $1,550,449,453 (i.e., net assets
of $1,480,449,453 plus borrowings of $70,000,000) at December 31, 2017 must experience an annual return of 0.10% to cover such
borrowing expenses. The table below illustrates the potential effects of such leverage on the annual return experienced by the
Fund&#146;s common stockholders assuming the indicated returns on the Fund&#146;s total portfolio of $1,550,449,453 at December
31, 2017 and the Fund&#146;s 2017 weighted average borrowing cost of 2.2144%. In general, such table shows that leverage further
increases the return to the Fund&#146;s common stockholders when its total portfolio return is positive and further decreases
such return when its total portfolio return is negative. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Assumed Return on Fund&rsquo;s Portfolio</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>(Net of Expenses)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corresponding Return to Stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.58)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.34)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.13%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.37%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><B>All
figures appearing in the table immediately above are hypothetical and not actual returns and are provided solely to assist investors
in understanding the effects of leverage.&nbsp; Actual returns may be more or less than those appearing in the table.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Leverage in the form of borrowing
for investment purposes creates an opportunity for increased return but, at the same time, involves special risk considerations.&nbsp;
The following factors could increase the investment risk and the volatility of the NAV and market price per Share: (i)&nbsp;leveraging
exaggerates any increase or decrease in the value of the Fund&rsquo;s portfolio; (ii)&nbsp;the costs of borrowing may exceed the
income from the portfolio securities purchased with the borrowed money; (iii)&nbsp;a decline in NAV per Share results if the investment
performance of the additional securities purchased fails to cover their cost to the Fund (including any interest paid on the money
borrowed); (iv)&nbsp;a decline in NAV per Share could affect the ability of the Fund to make common stock dividend payments; (v)&nbsp;a
failure to pay net investment income dividends or make capital gains distributions could result in the Fund&rsquo;s ceasing to
qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), or in its
having to pay certain entity level taxes even if it maintains its status as a regulated investment company (see <I>&ldquo;Taxation&rdquo;</I>
in the SAI); and (vi)&nbsp;if the asset coverage for debt securities declines to less than 300% (as a result of market fluctuations
or otherwise), the Fund may be required to sell a portion of its investments when it may be disadvantageous to do so. Because the
Fund pays interest at a variable rate under the revolving credit facility, these risks will be heightened for the Fund in the event
of any increase in the interest rate payable thereunder. No assurance can be given that a borrowing strategy will be successful
during any period in which it is employed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s borrowings under the
revolving credit facility with BNPPI are done on a secured basis, which results in certain additional risks to the Fund. The Fund
is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise
required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of,
BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial
covenants required under the revolving credit facility, the Fund may be required to repay immediately, in whole or in part, the
loan balance</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">outstanding under the revolving credit
facility which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the revolving
credit facility upon certain ratings downgrades of its corporate parent, which would result in the Fund&rsquo;s entire loan balance
becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities
at potentially inopportune times. The rights of BNPPI to receive payments of interest and repayments of principal under the revolving
credit facility generally will be senior to the rights of the Fund&rsquo;s common stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Immediately following
the completion of the Offer (which assumes that the Primary Subscription is fully subscribed, that the Fund exercises
its over-allotment option and all Over-Allotment Shares are sold, and that the Fund pays estimated expenses of $545,000
related to the Offer) at an estimated Subscription Price of $15.70, the aggregate amount of borrowings under such revolving
credit facility is expected to remain the same while the 1940 Act asset coverage for such borrowings is expected to increase
from 2,215% to 2,442%. The Fund, however, reserves the right to adjust the aggregate amount of, and asset coverage for, such
borrowings at any time in whatever way it deems necessary or appropriate, subject in all cases to compliance with the 1940
Act and the rules thereunder. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Preferred Stock. </I> As of
December 31, 2017, the Fund had no outstanding preferred stock. The future issuance of preferred stock may result in higher volatility
of the NAV per Share and potentially more volatility in the market price of the Shares. Holders of common stock will realize a
higher current rate of return than if the Fund were not leveraged only so long as the Fund, after accounting for its costs and
operating expenses, is able to realize a higher net return on its investment portfolio than the then-current dividend rates paid
on any preferred stock. Similarly, since a pro&nbsp;rata portion of the Fund&rsquo;s net realized capital gains are generally payable
to holders of common stock, the use of leverage will increase the amount of such gains distributed to holders of common stock.
To the extent that the dividend rates on preferred stock approach the net return on the Fund&rsquo;s investment portfolio, the
benefit of leverage to holders of common stock will be decreased. (If the dividend rates on preferred stock were to exceed the
net return on the Fund&rsquo;s portfolio, holders of common stock would receive a lower rate of return than if the Fund were not
leveraged.) Similarly, since both the cost of issuing preferred stock and any decline in the value of the Fund&rsquo;s investments
(including investments purchased with the proceeds from preferred stock offerings) is borne entirely by holders of common stock,
the effect of leverage in a declining market would result in a greater decrease in NAV per Share to holders of common stock than
if the Fund were not leveraged. Such decrease in NAV per Share likely would be reflected in a greater decline in the market price
for shares of the Fund&rsquo;s common stock. If a Fund is liquidated, holders of preferred stock will be entitled to receive liquidating
distributions before any distribution is made to holders of the Fund&rsquo;s common stock. Redemption of preferred stock or insufficient
investment income to make dividend payments may reduce the NAV per Share of the common stock by requiring the Fund to liquidate
a portion of its investments at a time when it may be disadvantageous to do so.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In an extreme case, a decline
in NAV could affect the Fund&rsquo;s ability to pay dividends on its common stock. Failure to make such dividend payments could
adversely affect the Fund&rsquo;s qualification as a regulated investment company under the Code. See <I>&ldquo;Taxation&rdquo;</I>
in the SAI. However, the Fund intends to take all measures necessary to make such common stock dividend payments. If the Fund&rsquo;s
current investment income is ever insufficient to meet dividend payments on either its common stock or preferred stock, the Fund
may have to liquidate certain of its investments.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The class and other voting rights
of issued preferred stock could make it more difficult for the Fund to take certain actions that may, in the future, be proposed
by the Board and/or the holders of its common stock, such as (i)&nbsp;a merger, exchange of securities, liquidation or alteration
of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse to the preferred stock, (ii)&nbsp;converting
the Fund to an open-end investment company or changing its fundamental investment restrictions or other fundamental policies or
(iii)&nbsp;seeking to operate other than as an investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The future issuance of any preferred
stock convertible into common stock might also reduce the net income and NAV per Share of the Fund&rsquo;s common stock upon conversion.
Such income dilution would occur if the Fund could not, from the investments made with the proceeds of the preferred stock, earn
an amount per share of common stock issuable upon conversion greater than the dividend required to be paid on the amount of preferred
stock convertible into one share of common stock. Such NAV dilution would occur if preferred stock were converted at a time when
the NAV per Share of the Fund&rsquo;s common stock was greater than the conversion price.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Financial Impact of Borrowings
and Senior Securities on Common Stockholders. </I>The costs related to the issuance and sale of senior securities such as preferred
stock, including underwriting discounts, rating agency fees and offering expenses, are paid by the Fund and, therefore, borne by
holders of its common stock. Also, the interest and dividend requirements of such senior securities will reduce the amount of,
and may entirely eliminate, any net investment income dividends otherwise payable by the Fund to holders of its common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> In the event the Fund
had outstanding preferred stock in the future, the fees paid to Royce for investment advisory services would be higher than if
the Fund did not have preferred stock outstanding because the Fund&rsquo;s investment advisory fees are calculated on the basis
of its net assets, which amount would include assets obtained from the sale of any outstanding preferred stock. To the extent
the Fund invests in warrants, rights or options, the value of such investments would, like other Fund investments, be included
in the calculation of "net assets". Because the Fund&rsquo;s investment advisory fee is a function of its net assets rather than
its total assets, Royce does not and will not receive any investment advisory fee in respect of Fund assets equaling the aggregate
unpaid principal amount of any indebtedness of the Fund. See &ldquo;<I>Investment Advisory and Other Services &#8722; Advisory
Fee.&rdquo;</I> </P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"> <I>The Offer and an investment in the Fund are subject
to the following additional non-principal risks.</I> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Non-Convertible Debt</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may invest up to 35%
of its assets in direct obligations of the government of the United States or its agencies and/or in non-convertible debt securities
of various issuers, including up to 5% of its net assets in below investment-grade debt securities, also known as high-yield fixed
income securities. There are no limits on the maturity or duration of the debt securities in which the Fund may invest.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Two of the main risks of investing
in debt securities are credit risk and interest rate risk. Below investment-grade debt securities may be in the lowest-grade categories
of recognized ratings agencies (C in the case of Moody&rsquo;s or D in the case of Standard &amp; Poor&rsquo;s) or may be unrated.
High-yield/high-risk investments are primarily speculative and may entail substantial risk of loss of principal and non-payment
of interest, but may also produce above-average returns for the Fund. Debt securities rated C or D may be in default as to the
payment of interest or repayment of principal. As of the date of this Prospectus, interest rates are near historical lows which
makes it more likely that they will increase in the future which could, in turn, result in a decline in the market value of any
debt securities held by the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Warrants, Rights or Options</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may invest up to 5%
of its total assets in warrants, rights and options. A warrant, right or call option entitles the holder to purchase a given security
within a specified period for a specified price and does not represent an ownership interest. A put option gives the holder the
right to sell a particular security at a specified price during the term of the option. These securities have no voting rights,
pay no dividends and have no liquidation rights. In addition, their market prices do not necessarily move parallel to the market
prices of the underlying securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Portfolio Lending Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Portfolio lending
involves the risk that BNPPI or a party to which BNPPI re-hypothecates or loans Fund assets held as collateral under the
revolving credit facility may fail to return those securities in a timely manner or at all. The Fund will be subject to the
risk of loss to the extent BNPPI is unable to pay, or the Fund is unable to offset, any fees, expenses, or losses otherwise
due to the Fund under the revolving credit facility in connection with securities that are not returned to the Fund. These
events could trigger adverse tax consequences for the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Corporate Governance Structure</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund has nine (9) Directors
who are elected by the holders of its common stock. The Fund&rsquo;s Directors are divided into three classes, with each class
having a staggered term of three years. Accordingly, it likely would at least take two years to change a majority of the Board.
In addition, the Fund&rsquo;s By-laws permit Stockholders to call a special meeting of Stockholders only if certain procedural
requirements are met and the request is made by stockholders entitled to cast at least a majority of the votes entitled to be
cast at such a meeting. These provisions, which may be regarded as &ldquo;anti-takeover&rdquo; provisions, may have the effect
of (i) maintaining the continuity of management and thus may make it more difficult for stockholders to change a majority of Directors
and (ii) depriving common stockholders of an opportunity to sell their shares at a premium to the prevailing market price. The Fund believes that the
benefits of these provisions outweigh the potential disadvantages of discouraging any such proposals. See <i>&ldquo;Description of
Capital Stock - Certain Corporate Governance Provisions&rdquo;.</I> See
<I>&ldquo;Description of Capital Stock &mdash; Certain Corporate Governance Provisions.&rdquo;</I> </P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Directors and Officers</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Board is responsible for
the overall supervision of the operations of the Fund, including supervision of the duties performed by Royce. The Fund&rsquo;s
Directors have the various duties imposed on directors of registered investment companies by the 1940 Act and Maryland law. The
Board is comprised of nine Directors, two of whom are &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund.
The names and business addresses of the Directors and officers of the Fund and their principal occupations and other affiliations
during the past five years, as well as a description of committees of the Board, are set forth under <I>&ldquo;Management&rdquo;</I>
in the SAI.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> Royce &amp; Associates, LP
is the investment adviser to the Fund and is responsible for the management of its assets. Royce has been investing in smaller-company
securities with a value approach for more than 40 years. Its offices are located at 745 Fifth Avenue, New York, NY 10151. Royce
has served as the investment adviser to the Fund since its inception in November 1986. Royce also serves as investment adviser
to other registered management investment companies, privately offered funds and institutional accounts. As of December 31, 2017,
Royce managed approximately $17.4 billion in assets. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> On October 1, 2001, Royce
&amp; Associates, Inc., the Fund&rsquo;s investment adviser, became an indirect wholly-owned subsidiary of Legg Mason, Inc. (&ldquo;Legg
Mason&rdquo;). On March 31, 2002, Royce &amp; Associates, Inc. was merged into Royce Holdings, LLC (a wholly-owned subsidiary
of Legg Mason), which then changed its name to Royce &amp; Associates, LLC. As a result of this merger, Royce &amp; Associates,
LLC became the Funds&rsquo; investment adviser and a direct wholly-owned subsidiary of Legg Mason. Effective March 1, 2016, Royce
&amp; Associates, LLC converted to Royce &amp; Associates, LP, a subsidiary of Legg Mason. Founded in 1899, Legg Mason is a
publicly-held financial services company primarily engaged in providing asset management and related financial services through
its subsidiaries. As of December 31, 2017, Legg Mason&rsquo;s asset management subsidiaries had aggregate assets under management
of approximately $767 billion. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the Fund&rsquo;s articles
of incorporation, as amended and supplemented (the &ldquo;Charter&rdquo;), and Maryland law, the Fund&rsquo;s business and affairs
are managed under the direction of the Board. Investment decisions for the Fund are made by Royce, subject to any direction it
may receive from the Board, which periodically reviews the Fund&rsquo;s investment performance.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce (i)&nbsp;determines the
composition of the Fund&rsquo;s portfolio, the nature and timing of the changes in it and the manner of implementing such changes,
subject to any directions it may receive from the Board; (ii)&nbsp;provides the Fund with investment advisory, research and related
services for the investment of its assets; and (iii)&nbsp;pays expenses incurred in performing its investment advisory duties under
the Investment Advisory Agreement (as defined below).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund pays all administrative
and other costs and expenses attributable to its operations and transactions, including, without limitation, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its office space and facilities; auditing; preparation, printing
and distribution of its prospectuses, proxy statements, stockholder reports and notices; supplies and postage; Federal and state
registration fees; Federal, state and local taxes; non-affiliated directors&rsquo; fees; and brokerage commissions. Please see
the SAI under <I>&ldquo;Administration Agreement&rdquo;</I> for more information.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Charles M. Royce is the Fund&rsquo;s
portfolio manager and is assisted by Portfolio Manager Chris E. Flynn and Portfolio Manager Lauren Romeo. Mr. Royce has been the
Fund&rsquo;s portfolio manager since the Fund&rsquo;s inception. Mr. Royce previously served as Chief Executive Officer (1972 &ndash;
June 2016) and President (1972 &ndash; July 2014) of Royce. Mr.&nbsp;Flynn has been an assistant portfolio manager of the Fund
since 2007 and has been employed by Royce since 1993. Ms. Romeo has been an assistant portfolio manager of the Fund since 2007
and has been employed by Royce since 2004.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The SAI provides more information
about the structure of the portfolio managers&rsquo; compensation, other accounts that they manage and their ownership of shares
in the Fund.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>INVESTMENT ADVISORY AND
OTHER SERVICES PROVIDED BY ROYCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.3pt 0 6pt; text-align: justify"><I>Investment Advisory
Fee.</I> As compensation for its services under the Amended and Restated Investment Advisory Agreement between the Fund and
Royce dated July 1, 2016 (the &ldquo;Investment Advisory Agreement&rdquo;), Royce receives a fee comprised of a Basic Fee and
an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the
S&amp;P 600 Index.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Basic Fee is a monthly
fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net assets applicable to
common stockholders, plus the liquidation value of its preferred stock, for the rolling 60-month period ending with such
month (the &ldquo;performance period&rdquo;). The Basic Fee for each month is increased or decreased at the rate of 1/12 of
0.05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change
in the investment record of the S&amp;P 600 Index for the performance period by more than two percentage points. The
performance period for each such month is a rolling 60-month period ending with such month. The maximum increase or decrease
in the Basic Fee for any month may not exceed 1/12 of 0.5%. Accordingly, for each month, the maximum monthly fee rate as
adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage
change in the investment record of the S&amp;P 600 Index by 12 or more percentage points for the performance period, and the
minimum monthly fee rate as adjusted for performance is 1/12 of 0.5% and is payable if the percentage change in the
investment record of the S&amp;P 600 Index exceeds the investment performance of the Fund by 12 or more percentage points for
the performance period. As a result, the actual investment advisory fee rate may at times be greater than the fee rate paid
by many other funds.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Notwithstanding the foregoing,
Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling 36-month period
ending with such month is negative. In the event that the Fund&rsquo;s investment performance for such a performance period is
less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> Because the Fund&rsquo;s investment
advisory fee is a function of its net assets rather than its total assets, Royce does not and will not receive any fee in respect
of Fund assets equaling the aggregate unpaid principal amount of any indebtedness of the Fund but will receive a fee in respect
of Fund assets equaling the liquidation preference of the Fund&rsquo;s outstanding preferred stock, if any. Royce will base its decision regarding
whether and how much leverage to use for the Fund from time to time on its assessment of whether such use of leverage is in the
best interests of the Fund; and will seek to manage any potential conflict by periodically reviewing the Fund&rsquo;s performance
and use of leverage with the Board. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">A discussion regarding the basis
of the Board&rsquo;s approval of the renewal of the Investment Advisory Agreement is available in the Fund&rsquo;s semi-annual
stockholder report for the six months ended June&nbsp;30, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> For the twelve rolling 60-month
periods in 2017, the Fund&rsquo;s investment performance ranged from 17% to 39% below the investment performance of the S&amp;P
600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $11,967,837 and a net downward adjustment of $5,983,917
for the performance of the Fund relative to that of the S&amp;P 600. For the year ended December 31, 2017, the Fund expensed Royce
investment advisory fees totaling $5,983,920. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For more information regarding
the Fund&rsquo;s investment advisory fee, see <I>&ldquo;Investment Advisory and Other Services &mdash; Advisory Fee&rdquo;</I>
in the SAI.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The following table illustrates,
on an annualized basis, the full range of permitted increases or decreases to the Basic Fee.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 20pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Difference between Performance </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Fund and&nbsp; % Change in</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S&amp;P 600 Record</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjustment to 1% Basic Fee</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees as Adjusted</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+12 or more</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.45%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.35%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+/-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.85%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.80%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.65%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.55%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-12 or less</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In calculating the investment
performance of the Fund and the percentage change in the investment record of the S&amp;P 600 Index, all dividends and other distributions
during the performance period are treated as having been reinvested, and no effect is given to gain or loss resulting from capital
share transactions of the Fund. Fractions of a percentage point are rounded to the nearest whole point (to the higher whole point
if exactly one-half).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Net Asset Value. </I>The net asset
value of the Fund&rsquo;s shares of common stock is calculated at the close of regular trading on the NYSE (generally 4:00&nbsp;p.m.
Eastern Time) every day that the NYSE is open. The Fund makes this information available daily by telephone (800-221-4268), via
its website <I>(www.roycefunds.com)</I> and through electronic distribution for media publication, including major internet-based
financial services web sites and portals (<I>bloomberg.com, yahoo.com, cbsmarketwatch.com</I>, etc.). Currently, <I>The Wall Street
Journal</I>, <I>The New York Times</I> and <I>Barron&rsquo;s</I> publish NAVs for closed-end investment companies weekly.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> The net asset value per share
of common stock for the Fund is calculated by dividing the current value of the Fund&rsquo;s total assets less the sum of all
of its liabilities and the aggregate liquidation preferences of any outstanding shares of preferred stock by the number of its
outstanding shares of common stock. To the extent the Fund invests in warrants, rights or options, the value of such investments
would, like other Fund investments, be included in the calculation of "net assets". The Fund&rsquo;s investments are valued based
on market value or, if market quotations are not readily available, at their fair value as determined in good faith under procedures
established by the Board. In certain cases, market value may be determined using information provided by a pricing service approved
by the Board. Valuing securities at their fair values involves greater reliance on judgment than valuation of securities based
on readily available market quotations. When using fair value methods to price securities, the Fund may value those securities
higher or lower than another fund using not readily available market quotations or its own fair value methods to price the same
securities. No assurance can be given that the Fund could obtain the fair value price assigned to a security if it were to sell
the security at approximately the time at which the Fund determines its net asset value. Because trading hours for certain non-U.S.
securities end before the close of the NYSE&nbsp;(generally 4:00&nbsp;p.m. Eastern Time), closing market quotations may become
unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE,
events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If an issuer-specific
event has occurred during this time that, in Royce&rsquo;s judgment, is likely to have affected the closing price of a security,
it may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S.
equity securities on days when the U.S.&nbsp;market volatility exceeds a certain threshold. This pricing service uses proprietary
correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities,
futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. The Fund values its non-U.S.
securities in U.S.&nbsp;dollars on the basis of foreign currency exchange rates provided to the Fund by its custodian, State Street
Bank and Trust Company. When fair value pricing is employed, the price of securities used by the Fund may differ from quotes or
published prices for the same security. Certain bonds and other fixed income securities may be valued by reference to other securities
with comparable ratings, interest rates and maturities, using established independent pricing services. Investments in money market
funds are valued at net asset value per share. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Board approved a Code
of Ethics under Rule 17j-1 of the 1940 Act that covers the Fund and Royce. The Code of Ethics establishes procedures for personal
investing and restricts certain transactions. Employees subject to the Code of Ethics may invest in securities for their personal
investment accounts, including, in certain cases, securities that may be purchased or held by the Fund. See <I>&ldquo;Code of Ethics
and Related Matters&rdquo;</I> in the SAI.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>General</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund, is authorized to issue 150,000,000
shares of common stock, par value $0.001 per share. Each share of common stock has equal dividend, distribution and liquidation
rights and is entitled to one vote per share on each matter submitted to a vote of common stockholders. The Funds&rsquo; outstanding
Shares and the Shares offered hereby, when issued and paid for pursuant to the terms of the Offer, will be fully paid and non-assessable.
Shares of the Fund&rsquo;s common stock are not redeemable and have no preemptive, exchange, conversion or cumulative voting rights.
As a NYSE-listed company, the Fund is required to hold annual meetings of its stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Under the Charter, the Board
has authority to classify and reclassify any authorized but unissued shares of stock into other classes or series of stock, including
preferred stock, and to cause the Fund to issue such shares. The Board currently has authority to cause the Fund to issue and sell
up to 50,000,000 shares of preferred stock, par value $0.001 per share, that may be convertible into shares of the Fund&rsquo;s
common stock. The terms of such preferred stock are, or would be, fixed by the Board and materially limit and/or qualify, or would
materially limit and/or qualify, the rights of the holders of the Fund&rsquo;s common stock. See <I>&ldquo;Risk Factors and Special
Considerations &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Capitalization</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following unaudited table shows,
as of December 31, 2017, the number of shares of common stock and preferred stock: (i) authorized; (ii) held by the Fund or for
the Fund&rsquo;s account; (iii) outstanding; and (iv) outstanding as adjusted to give effect to the issuance of all Primary Subscription
Shares.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TITLE OF CLASS</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT AUTHORIZED</B></FONT></TD>
    <TD STYLE="width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT HELD BY FUND OR FOR FUND&rsquo;S ACCOUNT</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT OUTSTANDING</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT OUTSTANDING AS ADJUSTED</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84,587,724</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93,046,503</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">_____</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> * In the event the Fund increases
the number of Shares subject to subscription by 20% through the exercise of its over-allotment option, the amount of Shares outstanding
as adjusted would be increased by 1,691,755 Shares, to an aggregate of 94,738,258 issued and outstanding Shares. </P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Market Price and NAV Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s outstanding Shares are, and
when issued, the Shares offered pursuant to the Offer will be, publicly held and listed and traded on the NYSE under the symbol
&ldquo;RVT.&rdquo;&nbsp; The following table sets forth for the calendar quarters indicated: (i)&nbsp;the high and low closing
sales prices per Share as reported by the NYSE; (ii)&nbsp;the NAV per Share on the day of the high or low closing sales price;
and (iii)&nbsp;the percentage by which the Shares traded at a premium over, or discount from, the Fund&rsquo;s NAVs per Share on
the day of such high or low closing sales prices.&nbsp; The table also sets forth the approximate number of Shares traded on the
NYSE during the respective quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 10%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Quarter Ended</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>High</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Sales Price</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>NAV on<BR>Day of High<BR>Sales Price</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Premium<BR>(Discount) to<BR>NAV on Day of<BR>High Sales Price</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Low</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Sales Price</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>NAV on<BR>Day of<BR>Low Sales<BR>Price</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Premium<BR>(Discount) to<BR>NAV on Day of<BR>Low Sales Price</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Approximate<BR>Reported NYSE<BR>Trading Volume</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(in millions)</B></P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">3/31/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.73</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.32</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-11.94%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$9.78</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.99</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-18.43%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">6/30/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$12.46</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.81</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.87%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.25</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.32</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.54%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">15.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9/30/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$12.93</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.11</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-14.43%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.73</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.91</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.67%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">12/31/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.89</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.43</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.46%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.66</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.97</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-16.54%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">3/31/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.49</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.65</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-12.97%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.36</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.98</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-16.40%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">21.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">6/30/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.79</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.60</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-10.90%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.84</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.81</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-12.46%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9/30/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.79</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.22</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-8.30%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.95</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-11.22%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">15.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">12/31/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.50</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-7.60%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.24</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.22</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-11.50%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As evidenced by the table above,
the Shares traded at a discount from the Fund&rsquo;s NAVs per Share for the periods indicated. <B>No assurance can be given that
the Shares will trade in the future at, or above the Fund&rsquo;s NAV per Share. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> The Shares have traded in
the market at both premiums to, and discounts from, the Fund&rsquo;s NAV per Share during the Fund&rsquo;s approximately 31-year
history. The largest premium was 17.61% in 2006 while the largest discount was 23.57% discount in 1987. The Shares have generally
traded at a discount to the Fund&rsquo;s NAV per Share since September 2008, with a discount as high as 20.80% during such period.
During the year ended December 31, 2017, the Shares traded at an average discount to the Fund&rsquo;s NAV per Share of 11.07%.
The average weekly trading volume of the Shares on the NYSE during the period from January&nbsp;1, 2017 through December&nbsp;31,
2017 was approximately 1.3 million Shares. On February 27, 2018, the last reported sales price of the Shares on the NYSE was $15.95
and the NAV per Share was $17.47, representing a discount from the NAV per Share of 8.70% .</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Repurchases of Securities</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund is a
closed-end diversified management investment company and, as such, its stockholders do not, and will not, have the right to
redeem their Fund shares. Although the Fund will not offer to repurchase its shares of common stock and/or preferred stock on
a periodic basis, it may repurchase its shares of common stock and/or preferred stock on such occasions when it is deemed
advisable by the Fund. The Board has authorized the open-market repurchase of up to 5% of the issued and outstanding shares
of its common stock during each fiscal year. Under the 1940 Act, the Fund may repurchase its securities (i)&nbsp;on a securities
exchange or such other open market designated by the SEC (provided that the Fund has, in the case of purchases of its stock,
informed holders of the class of stock involved within the preceding six months of its intention to repurchase such stock),
(ii)&nbsp;by a tender offer open to all holders of the class of securities involved or (iii)&nbsp;as otherwise permitted by
the SEC. Where a repurchase of Fund shares is to be made that is not to be effected on a securities exchange or an open
market or by the making of a tender offer, the 1940 Act provides that certain conditions must be met regarding, among other
things, distribution of net income, identity of the seller, price paid, brokerage commissions, prior notice to holders of the
class of its securities involved of an intention to purchase such securities and the purchase not being made in a manner or
on a basis which discriminates unfairly against the other holders of such class.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may incur debt, in an
amount not exceeding 10% of its total assets, to finance share repurchase transactions. Any related interest charges will be paid
by the Fund and borne pro&nbsp;rata by the stockholders indirectly through their interest in the Fund. See <I>&ldquo;Risk Factors
and Special Considerations &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</I></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund repurchases its shares
of common stock for a price below their NAV per Share, the NAV of those shares of common stock that remain outstanding would be
enhanced, but this does not necessarily mean that the market price of those outstanding shares would be affected, either positively
or negatively. Repurchases of shares of common stock by the Fund would also decrease its total assets and accordingly may increase
its expenses as a percentage of average net assets. Further, interest on any borrowings to finance any such share repurchase transactions
would reduce the Fund&rsquo;s net income.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Certain Corporate Governance Provisions</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund has nine (9) Directors
who are elected by the holders of its common stock. The Fund&rsquo;s Directors are divided into three classes, with each class
having a staggered term of three years. Accordingly, it likely would at least take two years to change a majority of the Board.
In addition, the Fund&rsquo;s By-laws permit Stockholders to call a special meeting of Stockholders only if certain procedural
requirements are met and the request is made by Stockholders entitled to cast at least a majority of the votes entitled to be cast
at such a meeting. These provisions may have the effect of maintaining the continuity of management and thus may make it more difficult
for Stockholders to change a majority of Directors. Board vacancies may be filled by a majority of the remaining Directors, even
if the remaining directors do not constitute a quorum, for the balance of the term of the class.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The class and other voting rights
of any preferred stock that may be issued could make it more difficult for a Fund to take certain actions that may, in the future,
be proposed by the Board and/or the holders of common stock, such as (i)&nbsp;a merger, exchange of securities, liquidation or
alteration of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse to the preferred stock, (ii)&nbsp;converting
the Fund to an open-end investment company or changing its fundamental investment restrictions or other fundamental policies or
(iii)&nbsp;seeking to operate other than as an investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund&rsquo;s Directors may
be removed only with cause by a vote of a majority of the votes entitled to be cast for the election of such director.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund&rsquo;s By-laws permit
stockholders to call a special meeting of stockholders only if certain procedural requirements are met and the request is made
by stockholders entitled to cast at least a majority of the votes entitled to be cast at such a meeting. The Fund&rsquo;s By-laws
also require that advance notice be given to the Fund in the event a stockholder desires to nominate a person for election to the
Board or to transact any other business at an annual meeting of stockholders. With respect to an annual meeting of stockholders,
notice of any such nomination or business must be delivered to or received at the principal executive offices of the Fund not less
than 90 calendar days nor more than 120 calendar days prior to the anniversary of the date of mailing of the notice for the preceding
year&rsquo;s annual meeting (subject to certain exceptions). Any advance notice by a stockholder must be accompanied by certain
information as provided in the By-laws.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Certain provisions of the 1940
Act and the Charter require a separate additional vote of the holders of preferred stock, if any, to approve certain transactions,
including certain mergers, asset dispositions and conversion of the Fund to open-end status.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> The provisions of the Charter
and the Fund&rsquo;s By-laws (together, the &ldquo;Governing Documents&rdquo;) described above may be regarded as &ldquo;anti-takeover&rdquo;
provisions. The provisions could have the effect of depriving the owners of Shares of opportunities to sell their
Shares at a premium over prevailing market prices, by discouraging a third party from seeking to obtain control of the Fund in
a tender offer or similar transaction. The overall effect of these provisions is to render more difficult the accomplishment of
a merger or the assumption of control by a principal stockholder. These provisions are designed to encourage persons seeking to
acquire control of the Fund to negotiate first with the Board. The Fund believes that the benefits of these provisions outweigh
the potential disadvantages of discouraging any such proposals because, among other things, the negotiations of such proposals
may improve their terms. The Board has considered these provisions and concluded that they are in the best interests of the Fund
and its common stockholders. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Reference is made to the Governing
Documents, on file with the SEC, for the full text of these provisions. See <I>&ldquo;Additional Information.&rdquo;</I></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Indemnification of Directors and
Officers</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s By-laws provide that
the Fund will indemnify its Directors and officers and may indemnify its employees or agents against liabilities and expenses incurred
in connection with litigation in which they may be involved because of their positions with the Fund, to the fullest extent permitted
by law. However, nothing in the Fund&rsquo;s By-laws protects or indemnifies a Director, officer, employee or agent of such fund
against any liability to which such person would otherwise be subject in the event of such person&rsquo;s willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her position.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>DIVIDENDS, DISTRIBUTIONS
AND REINVESTMENT PLAN</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Distribution Policy</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund currently has a policy
of paying quarterly distributions to its common stockholders. Distributions are currently being made at the annual rate of 7%
of the rolling average of the prior four calendar quarter-end NAVs of the Fund&rsquo;s common stock, with the fourth quarter distribution
being the greater of 1.75% of the rolling average or the distribution required by the Code. If, for any quarterly distribution,
the Fund&rsquo;s net investment income and net realized capital gains are less than the amount of the distribution, the difference
will constitute a return of capital. The Fund&rsquo;s final distribution for each calendar year will include any remaining net
investment income and net realized capital gains deemed, for Federal income tax purposes, undistributed during the year, and may,
but need not, include all net long-term capital gains realized during the year. If, for any calendar year, the total distributions
exceed net investment income and net realized capital gains, the excess will generally be treated as a tax-free return of capital
(up to the amount of the stockholder&rsquo;s tax basis in his or her shares). The amount treated as a tax-free return of capital
will reduce the adjusted basis in the stockholder&rsquo;s Fund shares, thereby increasing the stockholder&rsquo;s potential gain
or reducing the stockholder&rsquo;s potential loss on the sale of the shares. Pursuant to the requirements of the 1940 Act and
other applicable laws, a notice will accompany each quarterly distribution with respect to the estimated source of the distribution
made. Such distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its stockholders.
In addition, in order to make such distributions, the Fund may have to sell a portion of its investment portfolio at a time when
independent investment judgment might not dictate such action. The Fund&rsquo;s quarterly distribution policy may be terminated
or changed by the Board without stockholder approval or notice. The Fund&rsquo;s current 7% Distribution Policy began in 2014.
A similar 5% distribution policy was in place from March 2011 to December 2013. A similar 9% distribution policy was in place
from September 1997 to May 2009. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Distribution Reinvestment and Cash Purchase Plan</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has adopted a Distribution
Reinvestment and Cash Purchase Plan (the &ldquo;Plan&rdquo;), through which net investment income dividends and capital gains and
other periodic distributions are paid to its common stockholders in the form of additional shares of the Fund&rsquo;s common stock,
unless a common stockholder elects to receive cash as provided below. For these purposes, each common stockholder who has not elected
to receive distributions in cash is referred to herein as a &ldquo;Participant.&rdquo; In this way, a Participant can maintain
an undiluted investment in the Fund and still allow the Fund to pay out the required distributable income. There is no charge payable
by Participants for receiving distributions in additional Fund shares. The Plan also allows Participants to make optional cash
purchases of shares of the Fund&rsquo;s common stock directly through the Plan Agent on a monthly basis. Participants are subject
to a service fee of $0.75 for each voluntary cash purchase. Although the Plan also permits the assessment of per share fees of
$0.05 in connection with voluntary purchases of Shares under the Plan, Royce absorbed such per share fees during the fiscal year
ended December 31, 2017 and currently expects to continue to absorb such per share fees during the fiscal year ending December
31, 2018. No assurance can be given that Royce will continue to absorb such per share fees after that date. Per share fees include
any brokerage commissions the Plan Agent is required to pay. The relevant service fees and any per share fees directly payable
by Participants are deducted from amounts to be invested.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">No action is required on the part of
a registered common stockholder to receive a distribution in shares of the Fund&rsquo;s common stock. Participation in the Plan
is completely voluntary, however and a common stockholder may withdraw or resume participation in the Plan at any time without
penalty by notice if received and processed by the Plan Agent prior to the distribution record date; otherwise such withdrawal
or resumption will be effective with respect to any subsequently declared distribution. The Plan Agent will set up an account for
Shares acquired through the Plan for each Participant and holds such Shares in non-certificated form. Contact information for the
Plan Agent is set forth under <I>&ldquo;Custodian, Transfer Agent and Registrar, Plan Agent.&rdquo;</I></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"> Those common stockholders
whose shares are held by, or transferred to, a brokerage firm, bank or other financial intermediary as the stockholder of record
should contact the brokerage firm, bank or other financial institution as applicable, to be certain that it is automatically reinvesting
distributions on the stockholder&rsquo;s behalf. If the financial intermediary that holds shares or to which shares are transferred
is unable to reinvest distributions on the Stockholder&rsquo;s behalf, the Stockholder should have its shares registered in its
name in order to participate under the Plan. Common stockholders holding shares through a financial intermediary may receive distributions
in cash by notifying their broker or other financial intermediary. </p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">The Fund
uses only newly-issued shares to implement the distribution reinvestment portion of the Plan, whether its shares are trading
at a premium or at a discount to NAV. The number of shares of the Fund&rsquo;s common stock to be issued to a Participant
is determined by dividing the total amount of the distribution payable to the Participant by the lower of (i) the last reported
sale price of a share of the Fund&rsquo;s common stock on the valuation date, which will normally be the fifth business day
following the record date, or (ii) the net asset value per share on the valuation date, provided that the Fund will not issue
new shares at a discount of more than 5% from the last reported sale price on that date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, there is no charge to
common stockholders for receiving their distributions in the form of additional shares of the Fund&rsquo;s common stock. The Plan
Agent&rsquo;s fees for handling distributions in stock are paid by the Fund. There are no brokerage charges with respect to shares
issued directly by the Fund as a result of distributions payable in stock. If a Participant elects by written notice to have the
Plan Agent sell part or all of the shares held by the Plan Agent in the Participant&rsquo;s account and remit the proceeds to the
Participant, the Plan Agent is authorized to deduct a $2.50 service fee. Although the Plan also permits the assessment of a per
share fee of $0.15 in connection with such voluntary sales of Shares under the Plan, Royce absorbed such per share fees during
the fiscal year ended December 31, 2017 and currently expects to continue to absorb such per share fees during the fiscal year
ending December 31, 2018. No assurance can be given that Royce will continue to absorb such per share fees after that date. Per
share fees include any brokerage commissions the Plan Agent is required to pay. The relevant service fees and any per share fees
are deducted from amounts to be received.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 12pt; text-align: justify">Stockholders who receive distributions
in the form of stock are subject to the same Federal, state and local tax consequences as are stockholders who elect to receive
their distributions in cash. A common stockholder&rsquo;s basis for determining gain or loss upon the sale of stock received in
a distribution from the Fund will be equal to the total dollar amount of the distribution payable to the common stockholder.</P>

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>U.S. FEDERAL INCOME TAX CONSEQUENCES
OF THE OFFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.3pt 0 0; text-align: justify">Stockholders who receive Rights pursuant
to the Offer will not recognize taxable income for U.S. Federal income tax purposes upon their receipt of the Rights. If Rights
issued to a Stockholder expire without being exercised, no basis will be allocated to such Rights, and such Stockholder will not
recognize any gain or loss for U.S. Federal income tax purposes upon such expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provided that the fair market value of the
rights distributed pursuant to the Offer is less than 15% of the fair market value of the Fund&rsquo;s common stock at the time
of distribution, and absent certain elections, the tax basis of a Stockholder&rsquo;s common stock will remain unchanged, and the
Stockholder&rsquo;s basis in the Rights will be zero. A Stockholder who exercises Rights will not recognize any gain or loss for
U.S. Federal income tax purposes upon the exercise. The basis of the newly-acquired common stock will equal the Subscription Price
paid for such common stock. Upon a sale or exchange of the common stock so acquired, the Stockholder will recognize gain or loss
measured by the difference between the proceeds of the sale or exchange and the cost basis of such common stock. Assuming the Stockholder
holds the common stock as a capital asset, any gain or loss realized upon its sale will generally be treated as a capital gain
or loss, which gain or loss will be short-term or long-term, depending on the length of the Stockholder&rsquo;s holding period
for such common stock. However, any loss recognized upon the sale of Shares with a tax holding period of six months or less will
be treated as a long-term capital loss to the extent of any capital gain distribution previously received by the Stockholder with
respect to such Shares, and a loss may be disallowed under wash sale rules to the extent that the Stockholder purchases additional
common stock (including by reinvestment of distributions) within 30 days before or after the sale date. The holding period for
Shares acquired through the exercise of Rights will begin on the date of exercise of the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing is a summary of the material
U.S. Federal income tax consequences of the Offer under the Code and applicable regulations thereunder, all as currently in effect
and all subject to change at any time, perhaps with retroactive effect. It does not include any state, local or foreign tax consequences
of the Offer. This summary is generally applicable to Stockholders that are United States persons as defined in the Code and does
not apply to taxpayers that may be subject to special rules. Further, this summary is not intended to be, nor should it be, construed
as legal or tax advice, and stockholders are urged to consult their own tax advisors to determine the tax consequences to them
of the Offer and their ownership of Rights and Shares. See <I>&ldquo;Taxation&rdquo;</I> in the SAI for more information.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>CUSTODIAN, TRANSFER AGENT AND
REGISTRAR, PLAN AGENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">State Street Bank and Trust
Company, Two Heritage Drive, North Quincy, Massachusetts 02171, acts as custodian of the cash and other assets of the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Computershare Trust
Company, N.A., P.O. Box 30170, College Station, TX 77842-3170, is the transfer agent, dividend-paying agent and registrar for
the Fund&rsquo;s shares of common stock and the  plan agent under the Distribution Reinvestment and Cash Purchase
Plan. Stockholder inquiries should be directed to Royce Value Trust, Inc., c/o&nbsp;Computershare Trust Company, N.A., P.O.
Box 30170, College Station, TX 77842-3170, telephone (800)&nbsp;426-5523.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> PricewaterhouseCoopers
LLP serves as the Fund&#146;s independent registered public accounting firm. The audited financial statements of the Fund and
the information appearing under &ldquo;Financial Highlights&rdquo; included in this Prospectus have been audited by
PricewaterhouseCoopers LLP for each of the fiscal years ended December 31, 2015 through December 31, 2017, and are included
in reliance upon its reports with respect thereto and given on the authority of such firm as an expert in accounting and
auditing. The audited financial statements of the Fund and the information appearing under &ldquo;Financial Highlights&rdquo;
included in this Prospectus have been audited by Tait, Weller &amp; Baker, LLP, the Fund&#146;s former independent registered
public accounting firm for each of the fiscal years ended December 31, 2008 through December 31, 2014, and are included in
reliance upon its reports with respect thereto and upon the authority of such firm as an expert in accounting and auditing.
PricewaterhouseCoopers LLP, whose address is 100 East Pratt Street, Suite 1900, Baltimore, MD 21202-1096, provides audit services
and tax return preparation and assistance and consultation in connection with the review of various SEC filings for the Fund.
Tait, Weller &amp; Baker, LLP has an office at 1818 Market Street, Suite 2400, Philadelphia, PA 19103. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 10pt; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund is subject to the informational
requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;) and the 1940 Act and in accordance
therewith file, or will file, reports and other information with the SEC. Reports, proxy statements and other information filed
by the Fund with the SEC pursuant to the informational requirements of the 1934 Act and the 1940 Act can be inspected and copied
at the public reference facilities maintained by the SEC, 100 F Street, N.E., Washington, D.C. 20549. The SEC maintains a website
at <I>http://www.sec.gov</I> containing reports, proxy and information statements and other information regarding registrants,
including the Fund, that file electronically with the SEC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund&rsquo;s currently outstanding
Shares are, and the Shares offered by this Prospectus will be, subject to notice of issuance, listed on the NYSE under the symbol
&ldquo;RVT.&rdquo; Reports, proxy statements and other information concerning the Fund and filed with the SEC by the Fund will
be available for inspection at the NYSE, 20 Broad Street, New York, New York 10005.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s most recent annual
stockholder report, including audited financial statements for the year ended December&nbsp;31, 2017, is available upon request,
without charge, by writing to The Royce Funds at 745 Fifth Avenue, New York, NY 10151, by calling The Royce Funds at 800-221-4268,
or via its website at <I>http://www.roycefunds.com.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Statements contained in this
Prospectus as to the contents of any contract or other document referred to are not necessarily complete, and, in each instance,
reference is made to the copy of such contract or other document filed as an exhibit to the Fund&rsquo;s Registration Statement
on Form N-2, of which this Prospectus forms a part, each such statement being qualified in all respects by such reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> A Statement of Additional
Information dated March __, 2018 has been filed with the SEC and is incorporated by reference in this Prospectus. The Table of
Contents for the SAI is as follows: </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 3pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Restrictions&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Risk Factors and Special Considerations&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Management of the Fund&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Stockholders&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Advisory and Other Services&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Administration Agreement&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Portfolio Managers&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Additional Information&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Financial Statements and Independent Registered Public Accounting
Firm&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Taxation&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Code of Ethics and Related Matters&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Proxy Voting Policies and Procedures&#9;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P>
<br><br><br><br><br>



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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B>The information in this
Statement of Additional Information is not complete and may be changed.&nbsp;The Fund may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective.&nbsp;This Statement of Additional Information is not
an offer to sell these securities and it is not soliciting an offer to buy these securities in any state or other jurisdiction
where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>SUBJECT TO COMPLETION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>STATEMENT OF ADDITIONAL
INFORMATION DATED MARCH 14 , 2018</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ROYCE VALUE TRUST, INC.</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce Value Trust, Inc. (the &ldquo;Fund&rdquo;)
is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the
&ldquo;1940 Act&rdquo;). The Fund&rsquo;s investment goal is long-term capital growth. The Fund normally invests at least 65% of
its assets in the equity securities of small- and micro-cap companies, generally those with stock market capitalizations ranging
from $100&nbsp;million to $3 billion, that Royce &amp; Associates, LP (&ldquo;Royce&rdquo;), the Fund&rsquo;s investment adviser,
believes are trading significantly below its estimate of their current worth. The Fund also may invest up to 25% of its assets
in securities of issuers headquartered outside the United States. The Fund may invest a portion of its assets in companies with
stock market capitalizations in excess of $3 billion. Royce uses a value investing style in managing the Fund&rsquo;s assets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This Statement of Additional Information
(this &ldquo;SAI&rdquo;) does not constitute a prospectus, but should be read in conjunction with the Fund&rsquo;s Prospectus dated
March __, 2018 (the &ldquo;Prospectus&rdquo;), which is incorporated by reference into this SAI. This SAI relates to the issuance
of non-transferable rights (the &ldquo;Rights&rdquo;) to subscribe for shares of common stock of the Fund (the &ldquo;Offer&rdquo;)
and does not include all information that prospective investors should consider before exercising their Rights and purchasing shares
of the Fund&rsquo;s common stock. Investors should obtain and read the Prospectus prior to exercising their Rights and purchasing
such shares. A copy of the Prospectus may be obtained without charge by calling (800) 221-4268. You may also obtain a copy of the
Prospectus on the U.S. Securities and Exchange Commission&rsquo;s web site www.sec.gov. Capitalized terms used but not defined
in this SAI shall have the meanings given to them in the Prospectus.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 3pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Restrictions&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Risk Factors and Special Considerations&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Management of the Fund&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Principal Stockholders&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Advisory and Other Services&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Administration Agreement&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Portfolio Managers&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Additional Information&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Financial Statements and Independent Registered Public Accounting
Firm&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Taxation&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Code of Ethics and Related Matters&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Proxy Voting Policies and Procedures&#9;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 10pt; text-align: center"><B>INVESTMENT RESTRICTIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The policies set forth below are fundamental
policies of the Fund and may not be changed without the affirmative vote of the holders of a majority of the Fund&rsquo;s outstanding
voting securities, as set forth under <I>&ldquo;Investment Goal and Policies &#8722; Changes in Investment Goal and Methods/Policies&rdquo;</I>
in the Prospectus. The Fund may not:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">1. Issue any class of senior security,
or sell any such security of which it is the issuer, except as permitted by the 1940 Act;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">2. Purchase on margin or write
call options on its portfolio securities;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">3. Sell securities short;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">4. Underwrite the securities of
other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended, in selling
portfolio securities and in connection with mergers, acquisitions, spin-off transactions and other reorganization transactions
involving the Fund;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">5. Invest more than 25% of its
total assets in any one industry;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">6. Purchase or sell real estate
or real estate mortgage loans, or invest in the securities of real estate companies unless such securities are publicly-traded;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">7. Purchase or sell commodities
or commodity contracts;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">8. Make loans, except for (a)&nbsp;purchases
of portions of issues of publicly-distributed bonds, debentures and other securities, whether or not such purchases are made on
the original issuance of such securities, (b)&nbsp;repurchase agreements with any bank that is the custodian of its assets covering
U.S.&nbsp;Treasury and agency obligations and having a term of not more than one week and (c)&nbsp;loans of up to 25% of its assets
to qualified brokers, dealers or institutions for their use relating to short sales or other security transactions (provided that
such loans are secured by collateral equal at all times to at least 100% of the value of the securities loaned);</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">9. Invest in companies for the
purpose of exercising control of management;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">10. Purchase portfolio securities
from or sell such securities directly to any of its officers, directors, employees or investment adviser, as principal for their
own accounts;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">11. Invest in the securities of
any one issuer (other than the United States or any agency or instrumentality of the United States) if, at the time of acquisition,
the Fund would own more than 10% of the voting securities of such issuer or, as to 75% of the Fund&rsquo;s total assets, more than
5% of such assets would be invested in the securities of such issuer; or</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">12. Invest more than 5% of its
total assets in warrants, rights or options.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If a percentage restriction is
met at the time of investment, a later increase or decrease in percentage resulting from a change in the value of portfolio securities
or amount of total assets is not considered a violation of any of the above restrictions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> For purposes of Investment Restriction
No. 1 above, the 1940 Act permits a closed-end fund to issue a senior security representing (i) indebtedness if immediately after
such issuance it has an asset coverage of at least 300%, and (ii) preferred stock if immediately after such issuance it has an
asset coverage of at least 200%. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> In addition to issuing and
selling senior securities as set forth in Investment Restriction No. 1 above, the Fund may obtain (i)&nbsp;temporary bank borrowings
(not in excess of 5% of the value of its total assets) for emergency or extraordinary purposes and (ii)&nbsp;such short-term credits
(not in excess of 5% of the value of its total assets) as are necessary for the clearance of securities transactions. Under the
1940 Act, such temporary bank borrowings would be treated as indebtedness in determining whether or not asset coverage was at
least 200% for senior securities of the Fund representing indebtedness. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Although there are no liquidity
restrictions on investments made by the Fund and the Fund may, therefore, invest without limit in illiquid securities, the Fund
expects to invest only in securities for which market quotations are readily available.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Equity Securities</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests in equity securities
to the extent set forth in the Prospectus. For these purposes, &ldquo;equity security&rdquo; has the meaning set forth in the Securities
Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;). Common stocks, preferred stocks, convertible securities, warrants,
rights, and options are some examples of equity securities in which the Fund may invest. Generally, preferred stock has a specified
dividend and ranks after bonds and before common stocks in its claim on the company&rsquo;s income for purposes of receiving dividend
payments and on the company&rsquo;s assets in the event of liquidation. Convertible securities have characteristics of both debt
securities (which is generally the form in which they are first issued) and equity securities (which is what they can be converted
into).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Fund&rsquo;s Rights as
Stockholder</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may not invest in a company
for the purpose of exercising control of management. However, the Fund may exercise its rights as a stockholder and communicate
its views on important matters of policy to the company&rsquo;s management or its board of directors and/or other stockholders
if Royce or the Board of Directors of the Fund (the &ldquo;Board&rdquo;) determines that such matters could have a significant
effect on the value of the Fund&rsquo;s investment in the company. The activities that the Fund may engage in, either individually
or in conjunction with others, may include, among others, supporting or opposing proposed changes in a company&rsquo;s corporate
structure or business activities; seeking changes in a company&rsquo;s board of directors or management; seeking changes in a company&rsquo;s
direction or policies; seeking the sale or reorganization of a company or a portion of its assets; or supporting or opposing third
party takeover attempts. This area of corporate activity is increasingly prone to litigation, and it is possible that the Fund
could be involved in lawsuits related to such activities. Royce will monitor such activities with a view to mitigating, to the
extent possible, the risk of litigation against the Fund and the risk of actual liability if the Fund is involved in litigation.
However, no guarantee can be made that litigation against the Fund will not be undertaken or expenses or liabilities incurred.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The Fund may, at its expense
or in conjunction with others, pursue litigation or otherwise exercise its rights as a security holder to seek to protect the interests
of security holders if Royce and the Board determine this to be in the best interests of the Fund&rsquo;s stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Foreign Investments</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 25% of its
assets in the securities of companies that are headquartered in foreign countries. In addition, the Fund may invest in securities
of companies whose economic fortunes are linked to foreign countries but do not meet the Fund&rsquo;s definition of a foreign country
security. To the extent the Fund invests in this manner, the percentage of the Fund&rsquo;s portfolio that is exposed to foreign
country risks may be greater than the percentage of the Fund&rsquo;s assets that the Fund defines as representing foreign country
securities.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign investments involve certain
risks which typically are not present in securities of domestic issuers. There may be less information available about a foreign
company than a domestic company; foreign companies may not be subject to accounting, auditing and reporting standards and requirements
comparable to those applicable to domestic companies; and foreign markets, brokers and issuers are generally subject to less extensive
government regulation than their domestic counterparts. Markets for foreign securities may be less liquid and may be subject to
greater price volatility than those for domestic securities. Foreign brokerage commissions and custodial fees are generally higher
than those in the United States. Foreign markets also have different clearance and settlement procedures, and in certain markets
there have been times when settlements have been unable to keep pace with the volume of securities transactions, thereby making
it difficult to conduct such transactions. Delays or problems with settlements might affect the liquidity of the Fund&rsquo;s portfolio.
Foreign investments may also be subject to local economic and political risks, political, economic and social instability, confiscatory
taxation, foreign exchange controls, military action or unrest or adverse diplomatic developments, and possible nationalization
of issuers or expropriation of their assets, which might adversely affect the value of the Fund&rsquo;s foreign investments along
with its ability to dispose of those investments. Royce may not be able to anticipate these potential events or counter their effects.
Furthermore, some foreign securities are subject to brokerage taxes levied by foreign governments, which have the effect of increasing
the cost of such investment and reducing the realized gain or increasing the realized loss on such securities at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">Although changes
in foreign currency rates may adversely affect the value of the Fund&rsquo;s foreign investments, Royce does not expect to hedge
against declines in the U.S. dollar or to lock in the value of any foreign securities it purchases on behalf of the Fund. Consequently,
the risks associated with such investments may be greater than if the Fund was to engage in foreign currency hedging transactions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">Exchange control
regulations in such foreign markets may also adversely affect the Fund&rsquo;s foreign investments and the Fund&rsquo;s ability
to make certain distributions necessary to maintain their eligibility as regulated investment companies and avoid the imposition
of income and excise taxes may, to that extent, be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.85pt 5.6pt 0 0; text-align: justify; text-indent: 0in">The risk factors
noted above are generally heightened for investments in developing countries. Developing countries may have relatively unstable
governments, economies based on only a few industries and securities markets that trade a small number of securities. See <I>&ldquo;Developing
Countries&rdquo;</I> below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 6.9pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">The Fund may purchase
the securities of foreign companies in the form of American Depositary Receipts (&ldquo;ADRs&rdquo;). ADRs are certificates held
in trust by a bank or similar financial institution evidencing ownership of securities of a foreign-based issuer. Designed for
use in U.S. securities markets, ADRs are alternatives to the purchase of the underlying foreign securities in their national markets
and currencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Depositories may
establish either unsponsored or sponsored ADR facilities. While ADRs issued under these two types of facilities are in some respects
similar, there are distinctions between them relating to the rights and obligations of ADR holders and the practices of market
participants. A depository may establish an unsponsored facility without participation by (or even necessarily the acquiescence
of) the issuer of the deposited securities, although typically the depository requests a letter of non-objection from such issuer
prior to the establishment of the facility. Holders of unsponsored ADRs generally bear all the costs of such facilities. The depository
usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.S. dollars,
the disposition of non-cash distributions and the performance of other services. The depository of an unsponsored facility frequently
is under no obligation to distribute stockholder communications received from the issuer of the deposited securities or to pass
through voting rights to ADR holders in respect of the deposited securities. Depositories create sponsored ADR facilities in generally
the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with
the depository. The deposit agreement sets out the rights and responsibilities of the issuer, the depository and the ADR holders.
With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility
(such as deposit and withdrawal fees). Under the terms of most sponsored arrangements, depositories agree to distribute notices
of stockholder meetings and voting instructions and to provide stockholder communications and other information to the ADR holders
at the request of the issuer of the deposited securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Developing Countries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Fund may invest
a portion of its assets in the securities of companies headquartered in developing countries. Generally, developing countries include
every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea,
Taiwan, Bermuda, and Western European countries (which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland,
Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom). The risk factors noted above
in this section under the sub-heading <I>&ldquo;Foreign Investments&rdquo;</I> are generally heightened for investments in developing
countries. A number of developing countries restrict, to varying degrees, foreign investment in stocks. Repatriation of investment
income, capital, and the proceeds of sales by foreign investors may require governmental registration and approval in some developing
countries. A number of the currencies of developing countries have experienced significant declines against the U.S. dollar in
recent years, and devaluation may occur subsequent to investment in these countries by the Fund. Inflation and rapid fluctuations
in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain developing
countries. Many of the securities markets in developing countries are relatively small or less diverse, have low trading volumes,
suffer periods of relative illiquidity and are characterized by significant price volatility. Developing countries may have antiquated
legal systems with existing laws and regulations that are inconsistently applied. Generally, developing countries are not subject
to as extensive and frequent accounting and financial reporting requirements as in the United States. Transaction costs, including
brokerage commissions and dealer mark-ups in developing countries may be higher than in the United States or other developed countries.
Investments in developing countries also are subject to the risk that a future economic or political crisis could lead to price
controls, forced mergers of companies, expropriation or confiscatory taxation, seizure, nationalization, or creation of government
monopolies, any of which may have a detrimental effect on the value of the Fund&rsquo;s investments. In addition, the Fund may
invest in securities of companies whose economic fortunes are linked to developing countries but do not meet the Fund&rsquo;s definition
of a developing country security. To the extent a Fund invests in this manner, the percentage of the Fund&rsquo;s portfolio that
is exposed to developing country risks may be greater than the percentage of the Fund&rsquo;s assets that the Fund defines as representing
developing country securities.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Risks to Common Stockholders
of Borrowing Money and Issuing Senior Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>General</I>. The 1940 Act and
the Fund&rsquo;s fundamental investment policies (see <I>&ldquo;Investment Restrictions&rdquo;</I> in this SAI) permit the Fund
to borrow money from banks and certain other lenders and to issue and sell senior securities representing indebtedness or consisting
of preferred stock if various requirements are met. Such requirements include asset coverage tests, measured immediately after
the incurrence of debt or the issuance or sale of securities, of 300% for indebtedness and 200% for preferred stock and, except
for indebtedness to banks and certain other lenders, restrictive provisions concerning common stock dividend payments, other common
stock distributions, stock repurchases and maintenance of asset coverage and giving certain senior security holders the right to
elect directors in the event specified asset coverage tests are not met or dividends are not paid. Although the incurrence of such
leverage would allow the Fund to raise additional cash for investments, it is a speculative investment technique that may subject
the Fund to increased risk and volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Borrowings.</I> The Fund has
entered into a revolving credit facility with BNP Paribas Prime Brokerage International, Limited (&ldquo;BNPPI&rdquo;). The Fund
pays interest on the amount drawn under such credit facility at a variable rate that is equal to the 3-Month LIBOR Rate plus
0.95% as well as a commitment fee of 0.50% per annum on the unused portion of the facility. The Fund borrowed an average daily
balance of $70,000,000 at a weighted average borrowing cost of 2.7483% under such credit facility for the month ended February
28, 2018. The revolving credit facility has a 360-day rolling
term that resets daily; however, if the Fund exceeds certain net asset value triggers, the facility may convert to a 60-day rolling
term that resets daily. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> As of December 31, 2017, the Fund
had 84,587,724 shares of common stock issued and outstanding, with aggregate net assets of $1,480,449,453, along with outstanding
borrowings for investment purposes of $70,000,000 under the revolving credit facility with BNPPI. During the fiscal year ended
December 31, 2017, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 2.2144% under
such revolving credit facility. Based on such information, the Fund&#146;s total portfolio of $1,550,449,453 (i.e., net assets
of $1,480,449,453 plus borrowings of $70,000,000) at December 31, 2017 must experience an annual return of 0.10% to cover such
borrowing expenses. The table below illustrates the potential effects of such leverage on the annual return experienced by the
Fund&#146;s common stockholders assuming the indicated returns on the Fund&#146;s total portfolio of $1,550,449,453 at December
31, 2017 and the Fund&#146;s 2017 weighted average borrowing cost of 2.2144%. In general, such table shows that leverage further
increases the return to the Fund&#146;s common stockholders when its total portfolio return is positive and further decreases
such return when its total portfolio return is negative. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Assumed Return on Fund&rsquo;s Portfolio</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>(Net of Expenses)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corresponding Return to Stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.58)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.34)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.13%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.37%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><B>All
figures appearing in the table immediately above are hypothetical and not actual returns and are provided solely to assist investors
in understanding the effects of leverage.&nbsp; Actual returns may be more or less than those appearing in the table.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Leverage in the form of borrowing
for investment purposes creates an opportunity for increased return but, at the same time, involves special risk considerations.&nbsp;
The following factors could increase the investment risk and the volatility of the NAV and market price per Share: (i)&nbsp;leveraging
exaggerates any increase or decrease in the value of the Fund&rsquo;s portfolio; (ii)&nbsp;the costs of borrowing may exceed the
income from the portfolio securities purchased with the borrowed money; (iii)&nbsp;a decline in NAV per Share results if the investment
performance of the additional securities purchased fails to cover their cost to the Fund (including any interest paid on the money
borrowed); (iv)&nbsp;a decline in NAV per Share could affect the ability of the Fund to make common stock dividend payments; (v)&nbsp;a
failure to pay net investment income dividends or make capital gains distributions could result in the Fund&rsquo;s ceasing to
qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), or in its
having to pay certain entity level taxes even if it maintains its status as a regulated investment company (see <I>&ldquo;Taxation&rdquo;</I>
in the SAI); and (vi)&nbsp;if the asset coverage for debt securities declines to less than 300% (as a result of market fluctuations
or otherwise), the Fund may be required to sell a portion of its investments when it may be disadvantageous to do so. Because the
Fund pays interest at a variable rate under the revolving credit facility, these risks will be heightened for the Fund in the event
of any increase in the interest rate payable thereunder. No assurance can be given that a borrowing strategy will be successful
during any period in which it is employed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s borrowings under the
revolving credit facility with BNPPI are done on a secured basis, which results in certain additional risks to the Fund. The Fund
is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise
required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of,
BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial
covenants required under the revolving credit facility, the Fund may be required to repay immediately, in whole or in part, the
loan balance outstanding under the revolving credit facility which may necessitate the sale of portfolio securities at potentially
inopportune times. BNPPI may terminate the revolving credit facility upon certain ratings downgrades of its corporate parent, which
would result in the Fund&rsquo;s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades
may necessitate the sale of portfolio securities at potentially inopportune times. The rights of BNPPI to receive payments of interest
and repayments of principal under the revolving credit facility generally will be senior to the rights of the Fund&rsquo;s common
stockholders.</P>



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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> Immediately following the completion
of the Offer (which assumes that the Primary Subscription is fully subscribed, that the Fund exercises its over-allotment option
and all Over-Allotment Shares are sold, and that the Fund pays estimated expenses of $545,000 related to the Offer) at an estimated
Subscription Price of $15.70, the aggregate amount of borrowings under such revolving credit facility is expected to remain the
same while the 1940 Act asset coverage for such borrowings is expected to increase from 2,215% to 2,442%. The Fund, however, reserves
the right to adjust the aggregate amount of, and asset coverage for, such borrowings at any time in whatever way it deems necessary
or appropriate, subject in all cases to compliance with the 1940 Act and the rules thereunder. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Preferred Stock. </I> As of
December 31, 2017, the Fund had no outstanding preferred stock. The future issuance of preferred stock may result in higher volatility
of the NAV per Share and potentially more volatility in the market price of the Shares. Holders of common stock will realize a
higher current rate of return than if the Fund were not leveraged only so long as the Fund, after accounting for its costs and
operating expenses, is able to realize a higher net return on its investment portfolio than the then-current dividend rates paid
on any preferred stock. Similarly, since a pro&nbsp;rata portion of the Fund&rsquo;s net realized capital gains are generally payable
to holders of common stock, the use of leverage will increase the amount of such gains distributed to holders of common stock.
To the extent that the dividend rates on preferred stock approach the net return on the Fund&rsquo;s investment portfolio, the
benefit of leverage to holders of common stock will be decreased. (If the dividend rates on preferred stock were to exceed the
net return on the Fund&rsquo;s portfolio, holders of common stock would receive a lower rate of return than if the Fund were not
leveraged.) Similarly, since both the cost of issuing preferred stock and any decline in the value of the Fund&rsquo;s investments
(including investments purchased with the proceeds from preferred stock offerings) is borne entirely by holders of common stock,
the effect of leverage in a declining market would result in a greater decrease in NAV per Share to holders of common stock than
if the Fund were not leveraged. Such decrease in NAV per Share likely would be reflected in a greater decline in the market price
for shares of the Fund&rsquo;s common stock. If a Fund is liquidated, holders of preferred stock will be entitled to receive liquidating
distributions before any distribution is made to holders of the Fund&rsquo;s common stock. Redemption of preferred stock or insufficient
investment income to make dividend payments may reduce the NAV per Share of the common stock by requiring the Fund to liquidate
a portion of its investments at a time when it may be disadvantageous to do so.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In an extreme case, a decline
in NAV could affect the Fund&rsquo;s ability to pay dividends on its common stock. Failure to make such dividend payments could
adversely affect the Fund&rsquo;s qualification as a regulated investment company under the Code. See <I>&ldquo;Taxation&rdquo;
</I>below. However, the Fund intends to take all measures necessary to make such common stock dividend payments. If the Fund&rsquo;s
current investment income is ever insufficient to meet dividend payments on either its common stock or preferred stock, the Fund
may have to liquidate certain of its investments.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The class and other voting rights
of issued preferred stock could make it more difficult for the Fund to take certain actions that may, in the future, be proposed
by the Board and/or the holders of its common stock, such as (i)&nbsp;a merger, exchange of securities, liquidation or alteration
of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse to the preferred stock, (ii)&nbsp;converting
the Fund to an open-end investment company or changing its fundamental investment restrictions or other fundamental policies or
(iii)&nbsp;seeking to operate other than as an investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The future issuance of any preferred
stock convertible into common stock might also reduce the net income and NAV per Share of the Fund&rsquo;s common stock upon conversion.
Such income dilution would occur if the Fund could not, from the investments made with the proceeds of the preferred stock, earn
an amount per share of common stock issuable upon conversion greater than the dividend required to be paid on the amount of preferred
stock convertible into one share of common stock. Such NAV dilution would occur if preferred stock were converted at a time when
the NAV per Share of the Fund&rsquo;s common stock was greater than the conversion price.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Financial Impact of Borrowings
and Senior Securities on Common Stockholders. </I>The costs related to the issuance and sale of senior securities such as preferred
stock, including underwriting discounts, rating agency fees and offering expenses, are paid by the Fund and, therefore, borne by
holders of its common stock. Also, the interest and dividend requirements of such senior securities will reduce the amount of,
and may entirely eliminate, any net investment income dividends otherwise payable by the Fund to holders of its common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In the event the Fund had
outstanding preferred stock in the future, the fees paid to Royce for investment advisory services would be higher than if the
Fund did not have preferred stock outstanding because the Fund&rsquo;s investment advisory fees are calculated on the basis of
its net assets, which amount would include assets obtained from the sale of any outstanding preferred stock. Because the Fund&rsquo;s
investment advisory fee is a function of its net assets rather than its total assets, Royce does not and will not receive any investment
advisory fee in respect of Fund assets equaling the aggregate unpaid principal amount of any indebtedness of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>High-Yield and Investment
Grade Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Fund may invest
up to 35% of its assets in direct obligations of the government of the United States or its agencies and/or in non-convertible
debt securities of various issuers, including up to 5% of its net assets in below investment-grade debt securities, also known
as high-yield fixed income securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The high-yield
fixed income securities in which the Fund may invest may be rated from Ba to Ca by Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;)
or from BB to D by S&amp;P Global Ratings, a Standard &amp; Poor&rsquo;s Financial Services LLC business (&ldquo;Standard &amp;
Poor&rsquo;s&rdquo;) or may be unrated. They have poor protection with respect to the payment of interest and repayment of principal
and may be in default or about to be in default as to the payment of principal or interest. These securities are often considered
to be speculative and involve greater risk of loss or price changes due to changes in the issuer&rsquo;s capacity or perceived
capacity to make timely payment of principal and interest. The market prices of lower-rated (high-risk) debt securities may fluctuate
more than those of higher-rated debt securities and may decline significantly in periods of general economic difficulty, which
may follow periods of rising interest rates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">The market for
lower-rated (high-risk) debt securities may be thinner and less active than that for higher-rated debt securities, which can adversely
affect the prices at which the former are sold. If market quotations cease to be readily available for a lower-rated (high-risk)
debt security in which the Fund has invested, the security will then be valued in accordance with procedures established by the
Board. Judgment and other subjective factors play a greater role in the valuation of lower-rated (high-risk) debt securities than
securities for which more external sources for quotations and last sale information are available. Adverse publicity and changing
investor perceptions may adversely affect the value of the Fund&rsquo;s investment in lower-rated (high-risk) debt securities along
with its ability to dispose of that investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">Since the risk
of default is higher for lower-rated (high-risk) debt securities, Royce&rsquo;s research and credit analysis may play an important
part in managing securities of this type for the Fund. In considering such investments for the Fund, Royce will attempt to identify
those issuers of lower-rated (high-risk) debt securities whose financial condition is adequate to meet future obligations or has
improved or is expected to improve in the future. Royce&rsquo;s analysis may focus on relative values based on such factors as
interest or dividend coverage, asset coverage, earnings prospects and the experience and managerial strength of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">The Fund also
may invest in non-convertible debt securities in the lowest rated category of investment grade debt. Such securities may have speculative
characteristics, and adverse changes in economic conditions or other circumstances are more likely to lead to a weakened capacity
to make principal and interest payments than is the case with higher grade securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">The Fund also
may invest in investment grade non-convertible debt securities. Such securities include those rated Aaa by Moody&rsquo;s (which
are considered to be of the highest credit quality and where the capacity to pay interest and repay principal is extremely strong),
those rated Aa by Moody&rsquo;s (where the capacity to repay principal is considered very strong, although elements may exist that
make risks appear somewhat larger than expected with securities rated Aaa), securities rated A by Moody&rsquo;s (which are considered
to possess adequate factors giving security to principal and interest) and securities rated Baa by Moody&rsquo;s (which are considered
to have an adequate capacity to pay interest and repay principal, but may have some speculative characteristics) without regard
to gradations within those ratings categories.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Warrants, Rights and Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Fund may invest
up to 5% of its assets in warrants, rights and options. A warrant, right or call option entitles the holder to purchase a given
security within a specified period for a specified price and does not represent an ownership interest. A put option gives the holder
the right to sell a particular security at a specified price during the term of the option. These securities have no voting rights,
pay no dividends and have no liquidation rights. In addition, their market prices are not necessarily correlated with the market
prices of the underlying securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">The sale of warrants, rights
or options held for more than one year generally results in a long-term capital gain or loss to the Fund, and the sale of warrants,
rights or options held for one year or less generally results in a short term capital gain or loss. The holding period for securities
acquired upon exercise of a warrant, right or call option, however, generally begins on the day after the date of exercise, regardless
of how long the warrant, right or option was held. The securities underlying warrants, rights and options could include shares
of common stock of a single company or securities market indices representing shares of the common stocks of a group of companies,
such as the S&amp;P SmallCap 600 Index (the &ldquo;S&amp;P 600 Index&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Investing in warrants, rights
and call options on a given security allows the Fund to hold an interest in that security without having to commit assets equal
to the market price of the underlying security and, in the case of securities market indices, to participate in a market without
having to purchase all of the securities comprising the index. Put options, whether on shares of common stock of a single company
or on a securities market index, would permit the Fund to protect the value of a portfolio security against a decline in</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">its market price and/or to benefit
from an anticipated decline in the market price of a given security or of a market. Thus, investing in warrants, rights and options
permits the Fund to incur additional risk and/or to hedge against risk.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Portfolio Lending</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Under
the Fund&rsquo;s non-fundamental investment restrictions, it may  lend up to 25% of its assets to brokers, dealers and other
financial institutions. As noted in the Prospectus, the Fund&rsquo;s borrowings under the revolving credit facility with
BNPPI are done on a secured basis, which means the Fund is required to pledge portfolio securities as collateral in an amount
up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a
security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. The
revolving credit facility also permits, subject to certain conditions, BNPPI to re-hypothecate or loan portfolio securities
pledged by the Fund up to the amount of the loan balance outstanding. Such re-hypothecation allows the Fund to retain
ownership of the re-hypothecated securities and to continue to receive payments in lieu of dividends and interest
on such re-hypothecated securities. The Fund also has the right under the revolving credit facility to recall the
re-hypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, BNPPI
will compensate the Fund for any fees or losses related to the failed delivery or, in the event a recalled security is not
returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled
security failed to be returned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Portfolio lending
involves the risk that BNPPI or a party to which BNPPI re-hypothecates Fund assets held as collateral under the revolving credit
facility may fail to return those securities in a timely manner or at all. The Fund will be subject to the risk of loss to the
extent BNPPI is unable to pay, or the Fund is unable to offset, any fees, expenses, or losses otherwise due to the Fund under the
revolving credit facility in connection with securities that are not returned to the Fund. These events could trigger adverse tax
consequences for the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Repurchase Agreements</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In a repurchase agreement, the Fund
in effect makes a loan by purchasing a security and simultaneously committing to resell that security to the seller at an agreed
upon price on an agreed upon date within a number of days from the date of purchase. The resale price reflects the purchase price
plus an agreed upon incremental amount which is unrelated to the coupon rate or maturity of the purchased security. A repurchase
agreement requires or obligates the seller to pay the agreed upon price, which obligation is in effect secured by the value (at
least equal to the amount of the agreed upon resale price and marked to market daily) of the underlying security.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The Fund may engage in repurchase
agreements which mature in seven days or less, provided that such agreements are collateralized by cash or securities issued by
the U.S. Government or its agencies. While it does not presently appear possible to eliminate all risks from these transactions
(particularly the possibility of a decline in the market value of the underlying securities, as well as delays and costs to the
Fund in connection with bankruptcy proceedings), it is the policy of the Fund to enter into repurchase agreements only with recognized
securities dealers, banks and Fixed Income Clearing Corporation, a securities clearing agency registered with the Securities and
Exchange Commission, each determined by Royce to represent acceptable credit risk.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"><B>Investments
in Other Investment Companies and Exchange-Traded Funds (&ldquo;ETFs&rdquo;)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">The
Fund may purchase, sell and invest in the securities of other investment companies, including money market funds, ETFs, registered
open-end and closed-end funds, and unregistered funds so long as the Fund does not: (i) invest more than 10% of its assets in other
investment companies, (ii) invest more than 5% of its assets in any one investment company; and (iii) purchase shares of another
investment company if the Fund and its affiliates would own more than 3% of the total outstanding stock of any one such company.
To the extent the Fund invests in another investment company, the investment performance of the Fund will be directly impacted
by the investment performance of that investment company. Likewise, the Fund will be exposed to the same risks as such investment
companies in direct proportion to the allocation of its assets among those investment companies. In addition, when the Fund invests
in another investment company, the Fund&rsquo;s stockholders must bear not only their proportionate share of the Fund&rsquo;s fees
and expenses, but they also must bear indirectly the fees and expenses of the other investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">ETFs are ownership interests
in registered open-end funds, unit investment trusts, and other pooled investment vehicles that are traded on an exchange and that
hold a portfolio of securities or other financial instruments (the &ldquo;Underlying Assets&rdquo;). The Underlying Assets are
typically selected to correspond to the securities that comprise a particular broad based, sector or international index, or to
provide exposure to a particular industry, sector or asset class. The Fund also may, from time to time, purchase ETFs that sell
short a portfolio of securities or other financial asset. An investment in an ETF involves risks similar to investing directly
in the Underlying Assets, including the risk that the value of the Underlying Assets may fluctuate in accordance with changes in
the financial condition of their issuers, the value of securities and other financial instruments generally, and other market factors.
The Fund also may invest in ETFs that use financial derivatives or leverage in an attempt to provide a multiple of the returns
of an underlying index or other financial asset on a daily basis or an inverse of those returns. Investment exposure to leveraged
or inverse ETFs may increase the Fund&rsquo;s volatility and magnify any losses.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The performance of an ETF will
be reduced by transaction and other expenses, including fees paid by the ETF to service providers. Investors in ETFs are eligible
to receive their portion of dividends, if any, accumulated on the securities held in the portfolio, less fees and expenses of the
ETF.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">If an ETF is an investment
company, unless an exemption has been obtained from the SEC, the limitations set forth above applicable to the Fund&rsquo;s ability
to purchase securities issued by other investment companies will apply.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce believes that the Fund
is suitable for investment only by persons who can invest without concern for current income, and that such Fund is suitable only
for those investors who are in a financial position to assume above-average risks in search for long-term capital appreciation.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Directors</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Fund is
comprised of the nine individuals named below. <FONT STYLE="letter-spacing: -0.1pt">The nine Directors</FONT> <FONT STYLE="letter-spacing: -0.05pt">are</FONT>
<FONT STYLE="letter-spacing: -0.1pt">currently divided into three classes,</FONT> each class <FONT STYLE="letter-spacing: -0.05pt">having</FONT>
a <FONT STYLE="letter-spacing: -0.05pt">term</FONT> of <FONT STYLE="letter-spacing: -0.05pt">office of</FONT> <FONT STYLE="letter-spacing: -0.1pt">three</FONT>
<FONT STYLE="letter-spacing: -0.05pt">years. Each class is elected by the holders of the Fund&rsquo;s common stock. </FONT>The
Class I Directors, Charles M. Royce, G. Peter O&rsquo;Brien, and <FONT STYLE="letter-spacing: -0.05pt">David L.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Meister</FONT>,
have terms that expire in 2018. The Class II Directors, <FONT STYLE="letter-spacing: -0.1pt">Patricia </FONT>W. <FONT STYLE="letter-spacing: -0.1pt">Chadwick</FONT>,
<FONT STYLE="letter-spacing: -0.1pt">Arthur</FONT> <FONT STYLE="letter-spacing: -0.05pt">S.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mehlman</FONT>,
and <FONT STYLE="letter-spacing: -0.1pt">Michael </FONT><FONT STYLE="letter-spacing: -0.05pt">K.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Shields</FONT>,
have terms that expire in 2019. The Class III Directors, <FONT STYLE="letter-spacing: -0.05pt">Stephen L.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Isaacs</FONT><FONT STYLE="letter-spacing: -0.05pt">,
Christopher D. Clark</FONT><FONT STYLE="letter-spacing: -0.1pt">,</FONT> <FONT STYLE="letter-spacing: -0.05pt">and Christopher
C. Grisanti</FONT>, have terms that expire in 2020. The Directors are responsible for the overall supervision of the operations
of the Fund and have the various duties imposed on directors of registered investment companies by the 1940 Act. To the extent
permitted by the 1940 Act and Maryland law, vacancies on the Board can be filled by the remaining Directors for the remainder of
the term of the respective Board position.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">There are no family relationships
between any of the Fund&rsquo;s Directors and officers. Each Director will hold office until his term expires and his successor
has been duly elected or until his earlier resignation or removal.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><FONT STYLE="letter-spacing: -0.1pt"><I>Interested
Directors.</I> Certain biographical</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">other
information concerning Charles</FONT> <FONT STYLE="letter-spacing: -0.05pt">M.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Royce</FONT>
and Christopher D. <FONT STYLE="letter-spacing: -0.05pt">Clark, each of whom is</FONT> an <FONT STYLE="letter-spacing: -0.05pt">&ldquo;interested
person&rdquo;</FONT> as <FONT STYLE="letter-spacing: -0.1pt">defined</FONT> <FONT STYLE="letter-spacing: -0.05pt">in the 1940 Act</FONT><FONT STYLE="letter-spacing: -0.1pt">,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Fund, including their current</FONT> <FONT STYLE="letter-spacing: -0.05pt">designated
classes, is set</FONT> <FONT STYLE="letter-spacing: -0.1pt">forth below. </FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.25pt; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name, Address*</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.55pt">&nbsp;</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Age</FONT></B></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Position(s)</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">With <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></FONT></B></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Principal Occupation(s) </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>During Past 5 Years</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.1pt; padding-left: 6.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Number </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of <FONT STYLE="letter-spacing: -0.05pt">Portfolios in Fund Complex</FONT> <FONT STYLE="letter-spacing: 0pt">Overseen</FONT></FONT></B></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 9.3pt; padding-left: 9.15pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other Public <FONT STYLE="letter-spacing: -0.05pt">Company Directorships</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">Charles</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">M.</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce (78)</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        I <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2018.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 1986.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 6pt 0 10.35pt; padding-bottom: 3pt">Chief <FONT STYLE="letter-spacing: -0.05pt">Executive
        Officer (until June 2016), President (until June 2014), and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Member</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Board</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Managers</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT><FONT STYLE="letter-spacing: -0.2pt">,
        investment</FONT> <FONT STYLE="letter-spacing: -0.15pt">adviser</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Fund.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Member</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Board</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Directors/Trustees</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Fund,</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT> <FONT STYLE="letter-spacing: -0.2pt">Micro-</FONT><FONT STYLE="letter-spacing: -0.1pt">Cap</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Trust, Inc.</FONT> <FONT STYLE="letter-spacing: -0.2pt">(&ldquo;RMT&rdquo;),</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Global</FONT> Value <FONT STYLE="letter-spacing: -0.15pt">Trust, Inc.</FONT> <FONT STYLE="letter-spacing: -0.2pt">(&ldquo;RGT&rdquo;),</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">The</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce Fund (&ldquo;TRF&rdquo;),</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Royce Capital</FONT> <FONT STYLE="letter-spacing: -0.1pt">Fund</FONT> <FONT STYLE="letter-spacing: -0.2pt">(&ldquo;RCF&rdquo;)</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">(the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Fund, </FONT><FONT STYLE="letter-spacing: -0.15pt">RMT,
        RGT, TRF,</FONT> <FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.15pt">RCF</FONT> <FONT STYLE="letter-spacing: -0.2pt">collectively,</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">&ldquo;The Royce</FONT> <FONT STYLE="letter-spacing: -0.2pt">Funds&rdquo;).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">TICC</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Capital
        Corp., a business development company</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: 0pt">Christopher</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">D.</FONT> <FONT STYLE="letter-spacing: -0.2pt">Clark (52)</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        III <FONT STYLE="letter-spacing: -0.05pt">Director</FONT> and <FONT STYLE="letter-spacing: -0.05pt">President**</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2020.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        and Officer since 2014.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 6pt 0 10.35pt; padding-bottom: 3pt">Chief <FONT STYLE="letter-spacing: -0.05pt">Executive
        Officer (since July 2016), President (since</FONT> July <FONT STYLE="letter-spacing: -0.05pt">2014), Co-Chief Investment Officer
        (since January 2014), Managing Director, and Member of </FONT>the <FONT STYLE="letter-spacing: -0.05pt">Board of Managers (since
        June 2015) </FONT>of <FONT STYLE="letter-spacing: -0.05pt">Royce,</FONT> <FONT STYLE="letter-spacing: -0.3pt">having</FONT> <FONT STYLE="letter-spacing: -0.2pt">been
        </FONT><FONT STYLE="letter-spacing: -0.3pt">employed</FONT> <FONT STYLE="letter-spacing: -0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT>
        since <FONT STYLE="letter-spacing: -0.15pt">May</FONT> <FONT STYLE="letter-spacing: -0.2pt">2007. President</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Member</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">Board
        of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Directors/Trustees</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">The
        Royce</FONT> <FONT STYLE="letter-spacing: -0.2pt">Funds.</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">None</P></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.05pt 29.15pt 0 0">* <FONT STYLE="letter-spacing: -0.1pt">The
address</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Messrs. Royce and</FONT> <FONT STYLE="letter-spacing: 0.15pt">Clark</FONT>
<FONT STYLE="letter-spacing: -0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.1pt">c/o Royce</FONT> &amp; <FONT STYLE="letter-spacing: -0.1pt">Associates,
LP, 745 </FONT><FONT STYLE="letter-spacing: -0.15pt">Fifth </FONT><FONT STYLE="letter-spacing: -0.1pt">Avenue,</FONT> <FONT STYLE="letter-spacing: -0.05pt">New
York,</FONT> New <FONT STYLE="letter-spacing: -0.05pt">York 10151.</FONT></P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0.4pt 15.5pt 0 0">** <FONT STYLE="letter-spacing: 0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Clark</FONT> was elected by, and serves at the pleasure of, the Board <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
his capacity as an officer of the Fund.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">Messrs.
Royce</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">Clark</FONT> <FONT STYLE="letter-spacing: -0.05pt">are</FONT>
<FONT STYLE="letter-spacing: -0.1pt">&ldquo;interested persons&rdquo;</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Fund within</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">meaning</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Section 2(a)(19)</FONT> of <FONT STYLE="letter-spacing: -0.1pt">the
1940</FONT> <FONT STYLE="letter-spacing: -0.05pt">Act due to the</FONT> <FONT STYLE="letter-spacing: -0.1pt">positions</FONT> <FONT STYLE="letter-spacing: -0.05pt">they
hold</FONT> <FONT STYLE="letter-spacing: -0.1pt">with Royce</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">their
stock ownership</FONT> <FONT STYLE="letter-spacing: -0.05pt">in Legg</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mason, Inc. (&ldquo;Legg
Mason&rdquo;), the ultimate corporate parent</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: 0.3pt">Royce</FONT><FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>Non-Interested
Directors. </I>Certain biographical</FONT> <FONT STYLE="letter-spacing: -0.05pt">and other</FONT> <FONT STYLE="letter-spacing: -0.1pt">information
concerning</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Directors</FONT> <FONT STYLE="letter-spacing: -0.05pt">who
are not &ldquo;interested</FONT> <FONT STYLE="letter-spacing: -0.1pt">persons,&rdquo;</FONT> <FONT STYLE="letter-spacing: -0.05pt">as</FONT>
<FONT STYLE="letter-spacing: -0.1pt">defined</FONT> <FONT STYLE="letter-spacing: -0.05pt">in the</FONT> 1940 <FONT STYLE="letter-spacing: -0.05pt">Act,</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Fund, including their current designated
classes, </FONT><FONT STYLE="letter-spacing: -0.05pt">is </FONT><FONT STYLE="letter-spacing: -0.1pt">set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 6pt"><FONT STYLE="font-weight: normal; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 6pt"><FONT STYLE="font-weight: normal; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.25pt; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name, Address*</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.55pt">&nbsp;</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Age</FONT></B></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Position(s)</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">With <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></FONT></B></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Principal Occupation(s) </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>During Past 5 Years**</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.1pt; padding-left: 6.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Number </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of <FONT STYLE="letter-spacing: -0.05pt">Portfolios in Fund Complex Overseen</FONT></FONT></B></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 9.3pt; padding-left: 9.15pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other Public <FONT STYLE="letter-spacing: -0.05pt">Company Directorships</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">Patricia</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">W.</FONT> <FONT STYLE="letter-spacing: -0.2pt">Chadwick (69)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        II <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2019.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 2010.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt"><FONT STYLE="letter-spacing: -0.2pt">Consultant</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.2pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Ravengate Partners</FONT> <FONT STYLE="letter-spacing: -0.1pt">LLC</FONT> <FONT STYLE="letter-spacing: -0.15pt">(since
        2000).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">Wisconsin</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Energy Corp. and Voya</FONT> <FONT STYLE="letter-spacing: -0.2pt">Funds</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">Stephen</FONT> <FONT STYLE="letter-spacing: -0.1pt">L.</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Isaacs (78)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        III <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2020.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        since 1986.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.2pt">Attorney</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Health
        Policy</FONT> <FONT STYLE="letter-spacing: -0.25pt">Associates,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Inc., consultants.</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">Mr. </FONT><FONT STYLE="letter-spacing: -0.2pt">Isaacs&rsquo;s</FONT> <FONT STYLE="letter-spacing: -0.1pt">prior</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">business experience includes having served as President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">The</FONT> <FONT STYLE="letter-spacing: -0.2pt">Center</FONT> <FONT STYLE="letter-spacing: -0.1pt">for</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Health</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Social</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Policy (1996 to </FONT><FONT STYLE="letter-spacing: -0.2pt">2012);</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Director of Columbia University Development</FONT> <FONT STYLE="letter-spacing: -0.1pt">Law</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">and Policy Program and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Professor</FONT> <FONT STYLE="letter-spacing: -0.05pt">at</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Columbia University (until August 1996).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">None</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">Arthur</FONT> S.
        <FONT STYLE="letter-spacing: -0.05pt">Mehlman (75)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        II <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2019.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        since 2004.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.1pt 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.05pt">Director</FONT>
        of <FONT STYLE="letter-spacing: -0.05pt">The League</FONT> for <FONT STYLE="letter-spacing: -0.05pt">People with Disabilities,
        Inc.; Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">University </FONT>of <FONT STYLE="letter-spacing: -0.05pt">Maryland
        Foundation (non-profits). Formerly: Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Municipal Mortgage</FONT> &amp; <FONT STYLE="letter-spacing: -0.05pt">Equity,
        </FONT>LLC <FONT STYLE="letter-spacing: -0.05pt">(from October 2004</FONT> to <FONT STYLE="letter-spacing: -0.05pt">April 2011);
        Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">University</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Maryland College
        Park Foundation (non- profit)(from</FONT> 1998 to <FONT STYLE="letter-spacing: -0.05pt">2005); Partner, KPMG LLP (international</FONT>
        accounting <FONT STYLE="letter-spacing: -0.05pt">firm) </FONT>(from <FONT STYLE="letter-spacing: -0.05pt">1972 to 2002); Director</FONT>
        of <FONT STYLE="letter-spacing: -0.05pt">Maryland Business Roundtable for Education (from</FONT> July <FONT STYLE="letter-spacing: -0.05pt">1984
        to June 2002).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/6.65pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/6.65pt Times New Roman, Times, Serif; margin: 0; text-align: center">40</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.8pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="letter-spacing: -0.05pt">(Director/Trustee
        of</FONT> all <FONT STYLE="letter-spacing: -0.05pt">Royce Funds,</FONT> consisting of 22 portfolios; <FONT STYLE="letter-spacing: -0.05pt">Director/Trustee
        of the Legg Mason</FONT> Family of <FONT STYLE="letter-spacing: -0.05pt">Funds,</FONT> consisting <FONT STYLE="letter-spacing: -0.05pt">of
        18 portfolios)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">None</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">David</FONT> <FONT STYLE="letter-spacing: -0.05pt">L.</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Meister (78)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        I <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2018.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 1986.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.2pt">Consultant.</FONT> <FONT STYLE="letter-spacing: -0.25pt">Chairman</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Chief Executive Officer</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">The</FONT> <FONT STYLE="letter-spacing: -0.25pt">Tennis</FONT> <FONT STYLE="letter-spacing: -0.2pt">Channel</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">(from June</FONT> <FONT STYLE="letter-spacing: -0.2pt">2000</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">March 2005). Mr. </FONT><FONT STYLE="letter-spacing: -0.15pt">Meister&rsquo;s</FONT> <FONT STYLE="letter-spacing: -0.1pt">prior</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">business</FONT> <FONT STYLE="letter-spacing: -0.2pt">experience includes having served</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.2pt">Chief Executive Officer</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Seniorlife.com,</FONT> a <FONT STYLE="letter-spacing: -0.2pt">consultant</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">the communications industry, President</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Financial</FONT> <FONT STYLE="letter-spacing: -0.15pt">News</FONT> <FONT STYLE="letter-spacing: -0.2pt">Network,
        Senior</FONT> <FONT STYLE="letter-spacing: -0.15pt">Vice</FONT> <FONT STYLE="letter-spacing: -0.2pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">HBO, President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Time-Life</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Films</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.15pt">Head</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">Broadcasting</FONT> <FONT STYLE="letter-spacing: -0.1pt">for</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Major League Baseball.</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">None</FONT></P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.25pt; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name, Address*</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.55pt">&nbsp;</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Age</FONT></B></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Position(s)</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">With <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></FONT></B></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Principal Occupation(s) </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>During Past 5 Years**</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.1pt; padding-left: 6.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Number </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of <FONT STYLE="letter-spacing: -0.05pt">Portfolios in Fund Complex Overseen</FONT></FONT></B></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 9.3pt; padding-left: 9.15pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other Public <FONT STYLE="letter-spacing: -0.05pt">Company Directorships</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">G. Peter</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">O&rsquo;Brien (72)</FONT></P></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        I <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2018.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        since 2001.</P></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">Director, Bridges</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">School (since</FONT> <FONT STYLE="letter-spacing: -0.15pt">2006);</FONT> <FONT STYLE="letter-spacing: -0.1pt">Trustee
        Emeritus</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Colgate University</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">(since</FONT> <FONT STYLE="letter-spacing: -0.1pt">2005);</FONT> <FONT STYLE="letter-spacing: -0.05pt">Board</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">Member </FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Hill</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">House, Inc. (since</FONT> <FONT STYLE="letter-spacing: -0.1pt">1999). Formerly: Trustee </FONT><FONT STYLE="letter-spacing: -0.05pt">of
        Colgate</FONT> <FONT STYLE="letter-spacing: -0.1pt">University </FONT><FONT STYLE="letter-spacing: -0.05pt">(from 1996 to</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">2005); President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of Hill</FONT> <FONT STYLE="letter-spacing: -0.1pt">House,
        </FONT><FONT STYLE="letter-spacing: -0.05pt">Inc.</FONT> <FONT STYLE="letter-spacing: -0.1pt">(from</FONT> <FONT STYLE="letter-spacing: -0.05pt">2001
        to</FONT> <FONT STYLE="letter-spacing: -0.1pt">2005);</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">Managing
        Director/Equity Capital</FONT> <FONT STYLE="letter-spacing: -0.05pt">Markets</FONT> <FONT STYLE="letter-spacing: -0.1pt">Group</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">of Merrill</FONT> <FONT STYLE="letter-spacing: -0.1pt">Lynch</FONT> &amp; <FONT STYLE="letter-spacing: -0.05pt">Co.
        (from 1971 to </FONT><FONT STYLE="letter-spacing: -0.1pt">1999).</FONT></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.8pt; text-align: center; text-indent: -0.05pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">40</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.8pt; text-align: center; text-indent: -0.05pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.05pt">(Director/Trustee</FONT>
        of all <FONT STYLE="letter-spacing: -0.05pt">Royce </FONT>Funds, <FONT STYLE="letter-spacing: -0.05pt">consisting of 22 portfolios;
        Director/Trustee</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Legg Mason Family of Funds, consisting of 18 portfolios)</FONT></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">TICC</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Capital
        Corp., a business development company</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.1pt">Michael</FONT> <FONT STYLE="letter-spacing: -0.05pt">K.
        Shields (59)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        II <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2019.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 2015</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.1pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">and
        Chief Executive Officer</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Piedmont Trust Company,</FONT> a <FONT STYLE="letter-spacing: -0.05pt">private
        North Carolina trust</FONT> <FONT STYLE="letter-spacing: -0.1pt">company</FONT> <FONT STYLE="letter-spacing: -0.05pt">(since May
        2012).</FONT> Mr. <FONT STYLE="letter-spacing: -0.25pt">Shields's</FONT> <FONT STYLE="letter-spacing: -0.2pt">prior</FONT> <FONT STYLE="letter-spacing: -0.25pt">business
        experience includes</FONT> <FONT STYLE="letter-spacing: -0.2pt">owning</FONT> <FONT STYLE="letter-spacing: -0.1pt">Shields Advisors,</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">an investment</FONT> consulting firm (from <FONT STYLE="letter-spacing: -0.05pt">April 2010
        to June 2012).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">None</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.3pt 0 6.1pt"><FONT STYLE="letter-spacing: 0pt">Christopher C.
        Grisanti</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">(55)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        III <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2020.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 2017.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: 0pt">Co-Founder </FONT><FONT STYLE="letter-spacing: -0.05pt">and
        Chief Executive Officer</FONT> of Grisanti Capital Management LLC<FONT STYLE="letter-spacing: -0.05pt">,</FONT> an <FONT STYLE="letter-spacing: -0.2pt">investment
        advisory firm </FONT><FONT STYLE="letter-spacing: -0.05pt">(since 1999).</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
        Grisanti<FONT STYLE="letter-spacing: -0.25pt">'s</FONT> <FONT STYLE="letter-spacing: -0.2pt">prior</FONT> <FONT STYLE="letter-spacing: -0.25pt">business
        experience includes serving as Director of Research and Portfolio Manager at Spears Benzak, Salomon &amp; Farrell </FONT>(from
        1994 to 1999<FONT STYLE="letter-spacing: -0.05pt">) and a senior associate at the law firm of Simpson, Thacher &amp; Bartlett (from
        1988 to 1994).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">None</P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.95pt"></TD><TD STYLE="width: 8pt"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify; padding-right: 21.65pt"><FONT STYLE="font-size: 8pt">The address of each of Ms. Chadwick and <FONT STYLE="letter-spacing: -0.1pt">Messrs.</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Isaacs, Mehlman,</FONT> <FONT STYLE="letter-spacing: -0.1pt">Meister,</FONT> <FONT STYLE="letter-spacing: -0.05pt">O&rsquo;Brien,</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Shields, and Grisanti</FONT> is c/o Royce &amp; Associates, <FONT STYLE="letter-spacing: -0.05pt">LP,</FONT>
745 Fifth <FONT STYLE="letter-spacing: -0.05pt">Avenue,</FONT> New <FONT STYLE="letter-spacing: -0.05pt">York,</FONT> New <FONT STYLE="letter-spacing: -0.1pt">York</FONT>
10151.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.75pt 21.15pt 10pt 24.95pt; text-align: justify; text-indent: -13.05pt">**
<FONT STYLE="letter-spacing: -0.05pt">Each</FONT> of the <FONT STYLE="letter-spacing: 0.2pt">Non-Interested </FONT><FONT STYLE="letter-spacing: -0.05pt">Directors
</FONT>is a Director/Trustee of all of <FONT STYLE="letter-spacing: 0.25pt">The Royce Funds</FONT><FONT STYLE="letter-spacing: -0.05pt">.</FONT>
Each of Ms. <FONT STYLE="letter-spacing: -0.05pt">Chadwick</FONT> and <FONT STYLE="letter-spacing: -0.1pt">Messrs.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Isaacs,
Mehlman,</FONT> <FONT STYLE="letter-spacing: -0.1pt">Meister,</FONT> <FONT STYLE="letter-spacing: -0.05pt">O&rsquo;Brien,</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Shields, and Grisanti</FONT> is a <FONT STYLE="letter-spacing: -0.05pt">member</FONT> of the
Audit Committee of the Board and the <FONT STYLE="letter-spacing: -0.05pt">Nominating</FONT> Committee of the Board.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 2.95pt 5.25pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>Additional
Information</I></FONT><I><FONT STYLE="letter-spacing: 1.7pt">.</FONT></I> <FONT STYLE="letter-spacing: -0.1pt">Additional information</FONT>
<FONT STYLE="letter-spacing: -0.05pt">about each</FONT> <FONT STYLE="letter-spacing: -0.1pt">Director</FONT> <FONT STYLE="letter-spacing: -0.05pt">follows</FONT>
<FONT STYLE="letter-spacing: -0.1pt">(supplementing</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">information
provided</FONT> <FONT STYLE="letter-spacing: -0.05pt">in the</FONT> <FONT STYLE="letter-spacing: -0.1pt">tables</FONT> <FONT STYLE="letter-spacing: -0.05pt">above)</FONT>
<FONT STYLE="letter-spacing: -0.1pt">that</FONT> <FONT STYLE="letter-spacing: -0.05pt">describes</FONT> <FONT STYLE="letter-spacing: -0.1pt">some</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">specific experiences, qualifications,
attributes</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.1pt">skills that each Director</FONT>
<FONT STYLE="letter-spacing: -0.15pt">possesses</FONT> <FONT STYLE="letter-spacing: -0.1pt">which</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Board believes </FONT><FONT STYLE="letter-spacing: -0.05pt">has</FONT> <FONT STYLE="letter-spacing: -0.1pt">prepared
them</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.1pt">effective Directors.</FONT></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0 5.25pt 0 5.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Charles</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">M.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Royce</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.25pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Royce serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.25pt">Member</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">Board</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">Managers</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Royce.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr. Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">served</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">President</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> Royce <FONT STYLE="letter-spacing: -0.15pt">from 1972</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT>
<FONT STYLE="letter-spacing: -0.15pt">June</FONT> <FONT STYLE="letter-spacing: -0.25pt">2014 and</FONT> <FONT STYLE="letter-spacing: -0.15pt">as</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Chief</FONT> Executive <FONT STYLE="letter-spacing: -0.25pt">Officer</FONT> <FONT STYLE="letter-spacing: -0.15pt">of
</FONT>Royce <FONT STYLE="letter-spacing: -0.25pt">from</FONT> 1972 to <FONT STYLE="letter-spacing: -0.25pt">June 2016.</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> Royce <FONT STYLE="letter-spacing: -0.1pt">has</FONT> <FONT STYLE="letter-spacing: -0.15pt">over
40</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT> investment <FONT STYLE="letter-spacing: -0.15pt">and</FONT> business
experience.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Christopher</I></FONT><I> <FONT STYLE="letter-spacing: -0.05pt">D.</FONT>
<FONT STYLE="letter-spacing: -0.2pt">Clark</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.1pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.05pt">Director/Trustee</FONT> of The <FONT STYLE="letter-spacing: -0.05pt">Royce
Funds, Mr. Clark serves</FONT> as Chief <FONT STYLE="letter-spacing: -0.05pt">Executive Officer,</FONT> <FONT STYLE="letter-spacing: -0.25pt">President,
Co-Chief Investment Officer, and</FONT> a <FONT STYLE="letter-spacing: -0.25pt">Member</FONT> <FONT STYLE="letter-spacing: -0.15pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Board</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Managers</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce,</FONT>
<FONT STYLE="letter-spacing: -0.25pt">having</FONT> <FONT STYLE="letter-spacing: -0.2pt">been</FONT> <FONT STYLE="letter-spacing: -0.3pt">employed</FONT>
<FONT STYLE="letter-spacing: -0.15pt">by Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">since 2007.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Clark</FONT> <FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">25</FONT>
<FONT STYLE="letter-spacing: -0.2pt">years</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.3pt">investment</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> <FONT STYLE="letter-spacing: -0.3pt">experience,
including extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.3pt">financial sector.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="letter-spacing: -0.3pt"><I>Patricia</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">W.</FONT>
<FONT STYLE="letter-spacing: -0.3pt">Chadwick</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">her</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.15pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds, Ms. Chadwick</FONT> <FONT STYLE="letter-spacing: -0.1pt">is</FONT>
<FONT STYLE="letter-spacing: -0.3pt">designated</FONT> <FONT STYLE="letter-spacing: -0.1pt">as an</FONT> <FONT STYLE="letter-spacing: -0.25pt">Audit</FONT>
<FONT STYLE="letter-spacing: -0.3pt">Committee Financial Expert.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Ms.</FONT> <FONT STYLE="letter-spacing: -0.3pt">Chadwick</FONT>
<FONT STYLE="letter-spacing: -0.15pt">has over 30</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.3pt">investment</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> <FONT STYLE="letter-spacing: -0.3pt">experience,
including extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.25pt">financial sector</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
a <FONT STYLE="letter-spacing: -0.3pt">consultant</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">non-profit entities.</FONT> <FONT STYLE="letter-spacing: -0.05pt">In</FONT>
<FONT STYLE="letter-spacing: -0.3pt">addition,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Ms.</FONT> <FONT STYLE="letter-spacing: -0.3pt">Chadwick</FONT>
has <FONT STYLE="letter-spacing: -0.25pt">served</FONT> <FONT STYLE="letter-spacing: -0.05pt">on</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.25pt">boards</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> a <FONT STYLE="letter-spacing: -0.25pt">variety</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">public</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.3pt">private companies</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">non-profit
entities, including currently</FONT> <FONT STYLE="letter-spacing: -0.25pt">serving</FONT> <FONT STYLE="letter-spacing: -0.05pt">on</FONT>
<FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">board</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">two</FONT> <FONT STYLE="letter-spacing: -0.25pt">public</FONT> companies.</TD></TR></TABLE>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.3pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="letter-spacing: -0.3pt"><I>Stephen</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">L.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Isaacs</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.15pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">Isaacs serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Attorney</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">President</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> a <FONT STYLE="letter-spacing: -0.25pt">private consulting firm.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Isaacs</FONT> <FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">40</FONT>
<FONT STYLE="letter-spacing: -0.2pt">years</FONT> <FONT STYLE="letter-spacing: -0.15pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">academic experience, including extensive
experience related</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.25pt">public</FONT> <FONT STYLE="letter-spacing: -0.05pt">health
and</FONT> <FONT STYLE="letter-spacing: -0.3pt">philanthropy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.35pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Arthur</I></FONT><I> <FONT STYLE="letter-spacing: -0.05pt">S.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Mehlman</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce Funds</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">the</FONT> <FONT STYLE="letter-spacing: -0.15pt">Legg</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Mason</FONT> <FONT STYLE="letter-spacing: -0.3pt">Family</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.05pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mehlman
serves</FONT> <FONT STYLE="letter-spacing: -0.05pt">as the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Chairman</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Board&rsquo;s Audit Committee,</FONT> <FONT STYLE="letter-spacing: -0.05pt">acting as liaison
between the Board and the Fund&rsquo;s independent registered</FONT> public <FONT STYLE="letter-spacing: -0.05pt">accountants,</FONT>
and is <FONT STYLE="letter-spacing: -0.05pt">designated</FONT> as <FONT STYLE="letter-spacing: -0.05pt">an Audit</FONT> <FONT STYLE="letter-spacing: -0.1pt">Committee</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Financial Expert. Mr.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mehlman</FONT> has <FONT STYLE="letter-spacing: -0.05pt">over</FONT>
35 <FONT STYLE="letter-spacing: -0.05pt">years</FONT> of <FONT STYLE="letter-spacing: -0.05pt">business</FONT> <FONT STYLE="letter-spacing: -0.1pt">experience,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">including as Partner of an international</FONT> accounting <FONT STYLE="letter-spacing: -0.05pt">firm</FONT>
and a <FONT STYLE="letter-spacing: -0.05pt">Director for various private</FONT> <FONT STYLE="letter-spacing: -0.1pt">companies</FONT>
<FONT STYLE="letter-spacing: -0.05pt">and non- profit entities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.25pt"><I>David</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">L.</FONT>
<FONT STYLE="letter-spacing: -0.3pt">Meister</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Meister</FONT> <FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.1pt">40</FONT>
years <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> <FONT STYLE="letter-spacing: -0.3pt">experience,</FONT>
<FONT STYLE="letter-spacing: -0.25pt">including</FONT> <FONT STYLE="letter-spacing: -0.3pt">extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">as
an</FONT> <FONT STYLE="letter-spacing: -0.25pt">executive officer</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.3pt">consultant</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.3pt">communications industry.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.05pt"><I>G.</I></FONT><I> <FONT STYLE="letter-spacing: -0.2pt">Peter</FONT>
<FONT STYLE="letter-spacing: -0.25pt">O'Brien</FONT></I> &ndash; <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.15pt">to his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">The</FONT>
<FONT STYLE="letter-spacing: -0.2pt">Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">Legg
Mason Family</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">O&rsquo;Brien serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.3pt">Chairman</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">Board&rsquo;s</FONT>
Nominating <FONT STYLE="letter-spacing: -0.3pt">Committee.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">O&rsquo;Brien</FONT>
<FONT STYLE="letter-spacing: -0.15pt">has</FONT> <FONT STYLE="letter-spacing: -0.2pt">over</FONT> <FONT STYLE="letter-spacing: -0.05pt">35</FONT>
<FONT STYLE="letter-spacing: -0.2pt">years</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT>
<FONT STYLE="letter-spacing: -0.3pt">experience, including extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT>
<FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">financial sector.</FONT> <FONT STYLE="letter-spacing: -0.1pt">In</FONT>
<FONT STYLE="letter-spacing: -0.3pt">addition,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">O&rsquo;Brien</FONT>
<FONT STYLE="letter-spacing: -0.2pt">has</FONT> <FONT STYLE="letter-spacing: -0.25pt">served</FONT> <FONT STYLE="letter-spacing: -0.05pt">on</FONT>
<FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">boards </FONT>of <FONT STYLE="letter-spacing: -0.05pt">public</FONT>
<FONT STYLE="letter-spacing: -0.3pt">companies</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">non-profit
entities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Michael</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">K.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Shields</FONT></I> &ndash; <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.25pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Shields serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> President <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Chief</FONT> Executive <FONT STYLE="letter-spacing: -0.25pt">Officer</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
Piedmont <FONT STYLE="letter-spacing: -0.25pt">Trust Company,</FONT> a private <FONT STYLE="letter-spacing: -0.05pt">North Carolina
trust</FONT> <FONT STYLE="letter-spacing: -0.25pt">company.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">Shields</FONT>
<FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">30</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
investment <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> experience, <FONT STYLE="letter-spacing: -0.25pt">including</FONT>
extensive <FONT STYLE="letter-spacing: -0.25pt">experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.25pt">financial</FONT> sector.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Christopher C. Grisanti</I></FONT>
&ndash; <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.25pt">addition</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT>
<FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">The
Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> Grisanti <FONT STYLE="letter-spacing: -0.25pt">co-founded
and serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.25pt">Chief</FONT> Executive <FONT STYLE="letter-spacing: -0.25pt">Officer</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> Grisanti Capital Management LLC<FONT STYLE="letter-spacing: -0.05pt">,</FONT> an
investment advisory firm<FONT STYLE="letter-spacing: -0.25pt">.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> Grisanti
<FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">20</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
investment industry <FONT STYLE="letter-spacing: -0.25pt">experience</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 5.5pt 0 0; text-align: justify; text-indent: 0in">The Board believes
that each Director&rsquo;s experience, qualifications, attributes and skills should be evaluated on an individual basis and in
consideration of the perspective such Director brings to the entire Board, with no single Director, or particular factor, being
indicative of Board effectiveness. However, the Board believes that Directors need to have the ability to critically review, evaluate,
question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel,
in order to exercise effective business judgment in the performance of their duties; the Board believes that their members satisfy
this standard. Experience relevant to having this ability may be achieved through a Director&rsquo;s educational background; business,
professional training or practice, public service or academic positions; experience from service as a board member (including the
Board of the Fund) or as an executive of investment funds, public companies or significant private or non-profit entities or other
organizations; and/or other life experiences. The charter for the Board&rsquo;s Nominating Committee contains certain other specific
factors considered by the Nominating Committee in identifying and selecting Director candidates (as described below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 0; text-align: justify; text-indent: 0in">To assist them
in evaluating matters under federal and state law, the Directors are counseled by their own independent legal counsel, who participates
in Board meetings and interacts with Royce, and also may benefit from information provided by Royce&rsquo;s internal counsel; both
Board and Royce&rsquo;s internal counsel have significant experience advising funds and fund board members. The Board and its committees
have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Board Composition and Leadership Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">The 1940 Act requires
that at least 40% of the Fund&rsquo;s directors not be &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund
and as such are not affiliated with Royce (&ldquo;Independent Directors&rdquo;). To rely on certain exemptive rules under the 1940
Act, a majority of the Fund&rsquo;s directors must be Independent Directors, and for certain important matters, such as the approval
of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of
a majority of the Independent Directors. Currently, more than 75% of the Fund&rsquo;s Directors are Independent Directors. The
Board does not have a chairman, but the President, an interested person of the Fund, acts as chairman at the Board meetings. The
Independent Directors have not designated a lead Independent Director, but the Chairman of the Audit Committee, Mr. Mehlman, generally
acts as chairman of meetings or executive sessions of the Independent Directors and, when appropriate, represents the views of
the Independent Directors to management. The Board has determined that its leadership structure is appropriate in light of the
services that Royce and its affiliates provide to the Fund and potential conflicts of interest that could arise from these relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in"><B>Share Ownership
by Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">Information relating
to <FONT STYLE="letter-spacing: -0.1pt">each Director&rsquo;s ownership</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.1pt">shares</FONT> of the Fund&rsquo;s common stock <FONT STYLE="letter-spacing: -0.05pt">as of</FONT>
<FONT STYLE="letter-spacing: 0.3pt">December 31</FONT><FONT STYLE="letter-spacing: -0.1pt">, 2017 and</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.1pt">shares</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">The
Royce Funds overseen</FONT> <FONT STYLE="letter-spacing: -0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.1pt">each Director</FONT>
<FONT STYLE="letter-spacing: -0.05pt">is set</FONT> <FONT STYLE="letter-spacing: -0.1pt">forth</FONT> in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 6.9pt; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 6.95pt; padding-right: 12.1pt; padding-left: 25.4pt; text-align: center; text-indent: -13.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate Dollar Range of Equity in the <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B></FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 6.85pt; padding-right: 14.65pt; padding-left: 10.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate Dollar Range of Securities in all Royce Funds overseen by the <FONT STYLE="letter-spacing: -0.05pt">Director</FONT> in the Royce <FONT STYLE="letter-spacing: -0.1pt">Family</FONT> of Funds</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 5.8pt 0 6pt 11.35pt"><FONT STYLE="letter-spacing: -0.1pt"><I>Interested
Directors:</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 5.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Charles
    M. Royce</FONT> </TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000</FONT> </TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 5.35pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Christopher
    D. Clark</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 0.1pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">$50,001&ndash;
    $100,000&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000&nbsp;</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 5.85pt 0 6pt 11.35pt"><I>Non-Interested Directors:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">Patricia
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">W.</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">Chadwick</FONT> </TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None&nbsp;</FONT> </TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Stephen
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">L.</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Isaacs</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">$10,001&ndash;
    $50,000&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Arthur
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt">S.</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Mehlman</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">$50,001
    &ndash; $100,000&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">David
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">L.</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Meister</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">G.
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">Peter</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">O'Brien</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">$10,001&ndash;
    $50,000&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Over
    $100,000&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Michael
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">K. Shields</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 0.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">$50,001
    &ndash; $100,000&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Christopher
    C. Grisanti</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 0.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">$10,001
    &ndash; $50,000&nbsp;</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 2.85pt 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 5.6pt 0 0; text-align: justify; text-indent: 0in">Mr. Royce
has sole voting power and sole investment power as to the shares of the Fund&rsquo;s shares of common stock beneficially owned
by him. As of December 31, 2017, all Directors and officers of the Fund as a group (14 persons) beneficially owned an aggregate
of less than 1% of the Fund&rsquo;s outstanding shares of common stock. As of December 31, 2017, none of the non-interested Directors
of the Fund nor any of their immediate family members owned beneficially or of record any securities issued by Legg Mason or any
of its affiliates (other than registered investment companies).</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 2.85pt 5.6pt 0 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0pt 5.6pt 0 0; text-align: justify; text-indent: 0in"><B>Board
Committees and Meetings</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">The Board has
an Audit Committee, comprised of Patricia W. Chadwick, Stephen L. Isaacs, Arthur S. Mehlman, David L. Meister, G. Peter O&rsquo;Brien,
Michael K. Shields, and Christopher C. Grisanti. The Audit Committee is responsible for, among other things, recommending the selection
and nomination of the Fund&rsquo;s independent accountants and for conducting post-audit reviews of the Fund&rsquo;s financial
statements with such independent accountants. The Fund has adopted an Audit Committee charter. Mr. Mehlman serves as Chairman of
the Audit Committee. Ms. Chadwick and Mr. Mehlman are designated as Audit Committee Financial Experts, as defined under SEC regulations.
During the year ended December 31, 2017, the Audit Committee held two meetings.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">The Board has
a Nominating Committee, comprised of Patricia W. Chadwick, Stephen L. Isaacs, Arthur S. Mehlman, David L. Meister, G. Peter O&rsquo;Brien,
Michael K. Shields, and Christopher C. Grisanti. The Nominating Committee is responsible for, among other things, identifying individuals
qualified to serve as Independent Directors of the Fund and recommending its nominees for consideration by the Fund&rsquo;s full
Board. The Fund has adopted a Nominating Committee charter. Mr. O&rsquo;Brien serves as Chairman of the Nominating Committee. While
the Committee is solely responsible for the selection and nomination of the Fund&rsquo;s Independent Directors, the Committee will
review and consider nominations for the office of Director made by management and by Fund stockholders as it deems appropriate.
Stockholders who wish to recommend a nominee should send their suggestions to the Secretary of the Fund, which should include biographical
information and set forth their proposed nominee&rsquo;s qualifications. During the year ended December 31, 2017, the Nominating
Committee held two meetings.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">The Nominating
Committee charter requires the Nominating Committee to identify individuals qualified to serve as Independent Directors of the
Fund and to recommend its nominees for consideration by the Board. In considering potential nominees, the Nominating Committee
will take into consideration; (i) the contribution which the person can make to the Board, with consideration given to the person&rsquo;s
business and professional experience, education and such other factors as the Committee may consider relevant, including but not
limited to whether a potential nominee&rsquo;s personal and professional qualities and attributes would provide a beneficial diversity
of skills, experience and/or perspective to the Board; (ii) the character and integrity of the person; (iii) whether or not the
person is an &ldquo;interested person&rdquo; as defined in the 1940 Act and whether the person is otherwise qualified under applicable
laws and regulations to serve as a Director or Independent Director of the Fund; (iv) whether or not the person has any relationships
that might impair his or her independence, such as any business, financial or family relationships with Fund management, the investment
adviser of the Fund, Fund service providers or their affiliates; (v) whether or not the person is financially literate pursuant
to stock exchange audit committee membership standards; (vi) whether or not the person serves on boards of, or is otherwise</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify">affiliated with, competing financial
service organizations or their related investment company complexes; (vii) whether or not the person is willing to serve as, and
willing and able to commit the time necessary for the performance of the duties of, a Director of the Fund; and (viii) whether
or not the selection and nomination of the person would be in the best interest of the Fund in light of the requirements of the
Fund&rsquo;s retirement policies. While the Nominating Committee does not have a formal policy regarding diversity, as noted above,
it may consider the diversity of skills, experience and/or perspective a potential nominee will bring to the Board as part of its
evaluation of the contribution such potential nominee will make to the Board. Such factors will be considered in light of the other
factors described above and in the context of the Board&rsquo;s existing membership at the time such potential candidate is considered.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Board&rsquo;s Oversight Role in Management</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Board&rsquo;s
role in management of the Fund is oversight. As is the case with virtually all investment companies (as distinguished from operating
companies), service providers to the Fund, primarily Royce and its affiliates, have responsibility for the day-to-day management
of the Fund, which includes responsibility for risk management (including management of investment performance and investment risk,
valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board,
acting at its scheduled meetings, or the Chairman of the Audit Committee, acting between Board meetings, regularly interacts with
and receives reports from senior personnel of service providers, including the Fund&rsquo;s and Royce&rsquo;s Chief Compliance
Officer and portfolio management personnel. The Board&rsquo;s Audit Committee (which consists of the seven Independent Directors)
meets during its scheduled meetings, and between meetings the Chairman of the Audit Committee maintains contact with the Fund&rsquo;s
independent registered public accounting firm and the Fund&rsquo;s Treasurer. The Board also receives periodic presentations from
senior personnel of Royce or its affiliates regarding risk management generally, as well as periodic presentations regarding specific
operational, compliance or investment areas such as business continuity, anti-money laundering, personal trading, valuation, investment
research and securities lending. The Board also receives reports from counsel to Royce and the Board&rsquo;s own independent legal
counsel regarding regulatory compliance and governance matters. The Board&rsquo;s oversight role does not make the Board a guarantor
of the Fund&rsquo;s investments or activities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Compensation of Directors</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 0; text-align: justify; text-indent: 0in">For the year
<FONT STYLE="letter-spacing: -0.05pt">ended</FONT> December 31, 2017, each <FONT STYLE="letter-spacing: -0.05pt">Independent Director
received</FONT> a <FONT STYLE="letter-spacing: -0.05pt">base fee of $20,000 per year, plus $1,100 for</FONT> each in-person <FONT STYLE="letter-spacing: -0.05pt">meeting
of the Board attended. No Director</FONT> received <FONT STYLE="letter-spacing: -0.05pt">remuneration</FONT> for <FONT STYLE="letter-spacing: -0.05pt">services</FONT>
as a <FONT STYLE="letter-spacing: -0.05pt">Director for the year ended December 31, 2017 in addition to or in lieu of this standard
arrangement. Each Independent Director will continue to receive</FONT> a base fee of $20,000 <FONT STYLE="letter-spacing: -0.05pt">per
year, plus $1,100 for each in-person meeting of the Board attended for the year</FONT> ending December <FONT STYLE="letter-spacing: -0.05pt">31,
2018. </FONT></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 21.15pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">Set
forth below</FONT> <FONT STYLE="letter-spacing: -0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.1pt">the aggregate compensation</FONT>
<FONT STYLE="letter-spacing: -0.05pt">paid</FONT> by <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Fund
and the total</FONT> <FONT STYLE="letter-spacing: -0.1pt">compensation</FONT> <FONT STYLE="letter-spacing: -0.05pt">paid by Fund
and the Fund</FONT> <FONT STYLE="letter-spacing: -0.1pt">Complex</FONT> <FONT STYLE="letter-spacing: -0.05pt">to each</FONT> <FONT STYLE="letter-spacing: -0.1pt">Independent
Director</FONT> <FONT STYLE="letter-spacing: -0.05pt">of the Fund for the year</FONT> <FONT STYLE="letter-spacing: -0.1pt">ended
December</FONT> <FONT STYLE="letter-spacing: -0.05pt">31,</FONT> <FONT STYLE="letter-spacing: -0.1pt">2017.</FONT></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 31.2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.35pt; padding-left: 6.5pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate<br>Compensation<br>From the Fund</b></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Pension or <br>Retirement<br>Benefits Accrued<br>as Part of Fund Expenses</b></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.15pt; padding-left: 5.25pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Estimated Annual<br>Benefits upon<br>Retirement</B></font></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6.1pt; padding-right: 6.25pt; padding-left: 11.15pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Compensation<br>From The Royce<br>Funds Paid to<br>Directors</b></FONT></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.45pt; padding-left: 5.25pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Compensation<br>From The Fund and<br>Fund Complex Paid<br>to Directors*</b></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.6pt; padding-left: 6.1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">Patricia
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt; line-height: 99%">W.
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Chadwick,
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.3pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">25,500</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.55pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 19.55pt; padding-left: 6.1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">Stephen
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt; line-height: 99%">L.
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Isaacs,
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">25,500</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 13.1pt; padding-left: 6.1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">Arthur
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt; line-height: 99%">S.
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Mehlman,
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.3pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">25,500</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.55pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%"> 448,300 </font></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 20.55pt; padding-left: 6.1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">David
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt; line-height: 99%">L.
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Meister,
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">25,500</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.1pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 22.45pt; padding-left: 6.1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt; line-height: 100%">G.
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 100%">Peter
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt; line-height: 100%">O'Brien,
    </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 100%">Director</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">24,400</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">239,300</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%"> 429,300 </font></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 10.5pt; padding-left: 6.1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 97%">Michael
    K. Shields, Director</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.3pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">25,500</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.55pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.1pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">248,300</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 21.4pt; padding-left: 6.1pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 97%">Christopher
    C. Grisanti, Director**</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">9,754</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">94,790</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.1pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">94,790</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 7pt/normal Times, Serif; margin: 3.5pt 30.4pt 0 32.9pt; text-align: left; text-indent: -6.05pt">* <FONT>Represents
aggregate compensation paid to each Director during the calendar year
ended December 31, 2017 from the Fund Complex. As of the date hereof, the Fund Complex includes the 22 portfolios of The
Royce Funds and the portfolios of the Legg Mason Funds.</FONT></P>

<P STYLE="font: 7pt/normal Times, Serif; margin: 0 0 10pt; text-indent: 24pt"><FONT STYLE="letter-spacing: -0.05pt">**
Mr. Grisanti became a Director of the Fund effective August 14, 2017.</FONT></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Officers</B></P>

<P STYLE="font: 10pt/10.9pt Times New Roman, Times, Serif; margin: 2.95pt 10.4pt 0 0; text-indent: 0in">Certain biographical and
other information concerning the officers of the Fund, other than Christopher D. Clark, is set forth below. Information regarding
Mr. Clark is set forth in the tables above regarding Directors of the Fund. Officers are elected by and serve at the pleasure of
the Board. Each officer will hold office until his respective successor is duly elected and qualified.</P>

<P STYLE="font: 10pt/10.9pt Times New Roman, Times, Serif; margin: 2.95pt 10.4pt 0 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name, Age and Address</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position(s) with Fund</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupations During Past Five Years</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Public Directorships</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Francis D.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Gannon</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2014</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Co-Chief Investment</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer <FONT STYLE="letter-spacing: -0.05pt">(since January</FONT> 2014) and <FONT STYLE="letter-spacing: -0.05pt">Managing Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Royce, having been employed</FONT> by <FONT STYLE="letter-spacing: -0.05pt">Royce since September 2006.</FONT></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter K. Hoglund (51)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief <FONT STYLE="letter-spacing: -0.05pt">Financial Officer,</FONT> Chief <FONT STYLE="letter-spacing: -0.05pt">Administrative Officer, and Managing Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Royce, having been employed</FONT> by <FONT STYLE="letter-spacing: -0.05pt">Royce since</FONT> <FONT STYLE="letter-spacing: -0.1pt">December</FONT> <FONT STYLE="letter-spacing: -0.05pt">2014. Prior</FONT> to <FONT STYLE="letter-spacing: -0.05pt">joining Royce, Mr. Hoglund spent more than</FONT> 20 <FONT STYLE="letter-spacing: -0.05pt">years with Munder Capital Management</FONT> in <FONT STYLE="letter-spacing: -0.05pt">Birmingham,</FONT> MI, <FONT STYLE="letter-spacing: -0.05pt">serving as Managing Director and Chief Financial Officer</FONT> and <FONT STYLE="letter-spacing: -0.05pt">overseeing</FONT> all <FONT STYLE="letter-spacing: -0.05pt">financial aspects</FONT> of the <FONT STYLE="letter-spacing: -0.1pt">firm.</FONT></FONT></TD>    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel A. O&rsquo;Byrne (55)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 1994</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal and Vice President of Royce, having been employed by Royce since October&nbsp;1986.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Denneen (50)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary and Chief Legal Officer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1996-2001 and since April 2002</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel, Managing Director, and, since June 2015, member of the Board of Managers of Royce; Chief Legal and Compliance Officer and Secretary of Royce.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lisa Curcio (58)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since October&nbsp;2004</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer of The Royce Funds (since October 2004) and Compliance Officer of Royce (since June 2004).</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/10.9pt Times New Roman, Times, Serif; margin: 2.95pt 10.4pt 0 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PRINCIPAL STOCKHOLDERS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt"> As of the Record Date, <FONT STYLE="letter-spacing: -0.1pt">there
</FONT><FONT STYLE="letter-spacing: -0.05pt">were 84,587,724 shares of</FONT> <FONT STYLE="letter-spacing: 0.85pt">Fund&rsquo;s
</FONT><FONT STYLE="letter-spacing: -0.1pt">common</FONT> <FONT STYLE="letter-spacing: 0.85pt">s</FONT><FONT STYLE="letter-spacing: -0.1pt">tock
outstanding. The following persons</FONT> <FONT STYLE="letter-spacing: -0.05pt">were known to the Fund to</FONT> be <FONT STYLE="letter-spacing: -0.1pt">beneficial
owners</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.1pt">owners</FONT> <FONT STYLE="letter-spacing: -0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.1pt">record</FONT> of 5% <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.1pt">more
</FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">its outstanding shares</FONT> <FONT STYLE="letter-spacing: -0.05pt">of
</FONT><FONT STYLE="letter-spacing: 1pt">c</FONT><FONT STYLE="letter-spacing: -0.1pt">ommon s</FONT><FONT STYLE="letter-spacing: -0.05pt">tock
as of the Record</FONT> <FONT STYLE="letter-spacing: -0.1pt">Date:</FONT> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Name</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <FONT STYLE="letter-spacing: -0.1pt">Address</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Owner</FONT></FONT></B></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount and Nature of Ownership</B></FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt">Cede</FONT> &amp; <FONT STYLE="letter-spacing: -0.1pt">Co.*</FONT></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt">Depository Trust</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">Company</FONT></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt">P.O.</FONT> Box #20</P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0">Bowling Green Station <FONT STYLE="letter-spacing: -0.1pt">New
        York,</FONT> <FONT STYLE="letter-spacing: -0.05pt">NY</FONT> <FONT STYLE="letter-spacing: -0.1pt">10028</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[__________] shares &#8722; Record</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/9.1pt Times New Roman, Times, Serif; margin: 3.45pt 15.2pt 0 24.95pt; text-indent: -13.05pt">&nbsp;</P>

<P STYLE="font: 8pt/9.1pt Times New Roman, Times, Serif; margin: 0 15.2pt 10pt 24.95pt; text-indent: -13.05pt">* Shares held by
brokerage firms, banks and other financial intermediaries on behalf of beneficial owners are registered in the name of Cede &amp;
Co.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>INVESTMENT ADVISORY AND OTHER
SERVICES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Investment Advisory Services</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> Royce serves as the investment
adviser to the Fund pursuant to an Investment Advisory Agreement with the Fund (as defined below in this section under the sub-heading
<I>&ldquo;Investment Advisory Agreement&rdquo;</I>). Royce (which term as used in this SAI includes its corporate predecessors),
a Delaware limited partnership, is an investment advisory firm whose ultimate predecessor was organized in February&nbsp;1967.
Royce is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Royce has served as the investment
adviser to the Fund since its inception in November 1986. Royce also serves as investment adviser to other registered management
investment companies, privately offered funds and institutional accounts. As of December 31, 2017, Royce managed approximately
$17.4 billion in assets. Royce&rsquo;s principal business address is 745 Fifth Avenue, New York, NY 10151. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> On October&nbsp;1, 2001,
Royce became an indirect wholly-owned subsidiary of Legg Mason. On March&nbsp;31, 2002, a corporate predecessor of Royce was merged
into Royce Holdings, LLC (a wholly-owned subsidiary of Legg Mason), which then changed its name to Royce &amp; Associates, LLC.
As a result of this merger, Royce &amp; Associates, LLC became the Fund&rsquo;s investment adviser and a direct wholly-owned subsidiary
of Legg Mason. Effective March 1, 2016, Royce &amp; Associates, LLC converted to Royce &amp; Associates, LP, a subsidiary of
Legg Mason. Founded in 1899, Legg Mason is a publicly-held financial services company primarily engaged in providing asset management,
securities brokerage, investment banking and related financial services through its subsidiaries. As of December 31, 2017, Legg
Mason&rsquo;s asset management subsidiaries had aggregate assets under management of approximately $767&nbsp;billion. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the Charter and Maryland
law, the Fund&rsquo;s business and affairs are managed under the direction of its Board of Directors. Investment decisions for
the Fund are made by Royce, subject to any direction it may receive from the Board, which periodically reviews the Fund&rsquo;s
investment performance.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Investment Advisory Agreement</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the Amended and Restated
Investment Advisory Agreement between the Fund and Royce, dated July 1, 2016 (the &ldquo;Investment Advisory Agreement&rdquo;),
Royce (i)&nbsp;determines the composition of the Fund&rsquo;s portfolio, the nature and timing of the changes in it and the manner
of implementing such changes, subject to any directions it may receive from the Board; (ii)&nbsp;provides the Fund with investment
advisory, research and related services for the investment of its assets; and (iii)&nbsp;pays expenses incurred in performing its
investment advisory duties under the Investment Advisory Agreement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund pays all administrative
and other costs and expenses attributable to its operations and transactions, including, without limitation, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its office space and facilities; auditing; preparation, printing
and distribution of its prospectuses, proxy statements, stockholder reports and notices; supplies and postage; Federal and state
registration fees; Federal, state and local taxes; non-affiliated directors&rsquo; fees; and brokerage commissions. See <I>&ldquo;Administration
Agreement&rdquo; </I>below.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pursuant to its terms, the Investment
Advisory Agreement had a term of one year upon its execution, and continues from year to year thereafter if approved annually (i)&nbsp;by
the Board or by the holders of a majority of its outstanding voting securities and (ii)&nbsp;by a majority of the Directors who
are not &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of any party to the Investment Advisory Agreement, by vote
cast in person at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement may be terminated
by the Fund at any time, without penalty, on 60&nbsp;days&rsquo; written notice, and will automatically terminate in the event
of its &ldquo;assignment&rdquo; (as defined in the 1940 Act).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Advisory Fee</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As compensation for its
services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (&ldquo;Basic Fee&rdquo;) and
an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the
S&amp;P 600 Index.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Basic Fee is a
monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net assets
applicable to common stockholders, plus the liquidation value of any preferred stock, for the rolling 60-month period ending
with such month (the &ldquo;performance period&rdquo;). The Basic Fee for each month is increased or decreased at the rate of
1/12 of 0.05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the
percentage change in the investment record of the S&amp;P 600 Index for the performance period by more than two percentage
points. The performance period for each such month is a rolling 60-month period ending with such month. The maximum increase
or decrease in the Basic Fee for any month may not exceed 1/12 of 0.5%. Accordingly, for each month, the maximum monthly fee
rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the
percentage change in the investment record of the S&amp;P 600 Index by 12 or more percentage points for the performance
period, and the minimum monthly fee rate as adjusted for performance is 1/12 of 0.5%</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">and is payable if the
percentage change in the investment record of the S&amp;P 600 Index exceeds the investment performance of the Fund by 12 or
more percentage points for the performance period. As a result, the actual investment advisory fee rate may at times be
greater than the fee rate paid by many other funds.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Notwithstanding the foregoing,
Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling 36-month period
ending with such month is negative. In the event that the Fund&rsquo;s investment performance for such a performance period is
less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> For the twelve rolling 60-month
periods in 2017, the Fund&#146;s investment performance ranged from 17% to 39% below the investment performance of the S&amp;P 600 Index.
Accordingly, the net investment advisory fee consisted of a Basic Fee of $11,967,837 and a net downward adjustment of $5,983,917
for the performance of the Fund relative to that of the S&amp;P 600 Index. For the fiscal year ended December 31, 2017, the Fund expensed
Royce investment advisory fees totaling $5,983,920. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table illustrates,
on an annualized basis, the full range of permitted increases or decreases to the Basic Fee.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 20pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Difference between Performance </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Fund and&nbsp; % Change in</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S&amp;P 600 Record</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjustment to 1% Basic Fee</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees as Adjusted</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+12 or more</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.45%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.35%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+/-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.85%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.80%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.65%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.55%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-12 or less</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In calculating the
investment performance of the Fund and the percentage change in the investment record of the S&amp;P 600 Index, all dividends paid
from investment income and other distributions of realized capital gains during the performance period are treated as having
been reinvested at net asset value on the record date for the payment of such dividends and distributions, and no effect is
given to gain or loss resulting from capital share transactions of the Fund. Fractions of a percentage point are rounded to
the nearest whole point (to the higher whole point if exactly one-half).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> Royce will base its decision regarding whether and how much leverage to use for the Fund from time to time on its assessment of whether such use of leverage is in the best interests of the Fund; and will seek to manage any potential conflict by periodically reviewing the Fund's performance and use of leverage with the Board. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> For the three years ended
December&nbsp;31, 2017, 2016 and 2015, Royce received the following investment advisory fees from the Fund (net of any amounts
waived by Royce): $5,983,920, $5,849,115, and $5,891,150, respectively. </P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> PricewaterhouseCoopers LLP, 100 East Pratt Street,
Suite 1900, Baltimore, MD 21202-1096, provides audit services and tax return preparation and assistance and consultation in connection
with the review of various SEC filings for the Fund. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Custodian</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">State Street Bank and Trust Company
(&ldquo;State Street&rdquo;) is the custodian for the securities, cash, and other assets of the Fund. The Fund has authorized State
Street to deposit certain domestic and foreign portfolio securities in several central depository systems and to use foreign sub-custodians
for certain foreign portfolio securities, as allowed by Federal law. State Street&rsquo;s main office is at John Adams Building,
2 North, 1776 Heritage Drive, North Quincy, MA 02171.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">State Street is responsible for
calculating the daily net asset value per share of the Fund&rsquo;s common stock and for maintaining its portfolio and general
accounting records and also provides certain stockholder services.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Transfer Agent, Registrar, Dividend-Paying Agent and Plan
Agent</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Computershare Trust Company,
N.A., P.O. Box 30170, College Station, TX 77842-3170, is the transfer agent, dividend-paying agent and registrar for the Fund&rsquo;s
shares of common stock and the plan agent under the Fund&rsquo;s Distribution Reinvestment and Cash Purchase Plan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>ADMINISTRATION AGREEMENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> Effective January&nbsp;1,
2008, the Fund and Royce entered into an administration arrangement, which is currently governed by the terms of the amended and
restated administration agreement, dated as of July 1, 2016 (the &ldquo;Administration Agreement&rdquo;). Under the terms of the
Administration Agreement, Royce provides the Fund with, among other things, administrative, professional, compliance and clerical
services; necessary personnel, office space and facilities and equipment; preparation of its prospectuses, statements of additional
information and proxy statements, stockholders&rsquo; reports and notices and other reports and filings made to and with the SEC
and/or other regulators; administering stockholder accounts, handling stockholder relations and such other services as Royce,
subject to the Board, shall from time to time determine to be necessary or useful to perform its obligations under the terms of
the Administration Agreement. Royce also, on behalf of the Fund, conducts relations with custodians, depositories, transfer agents,
dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate
fiduciaries, insurers, banks and other such persons in any such other capacity deemed to be necessary or desirable. Royce does
not receive a fee under the terms of the Administration Agreement but rather is reimbursed by the Fund on a monthly, or more frequent
basis, for any and all costs and expenses that it may incur in providing services under the Administration Agreement, including,
without limitation, the costs and expenses relating to necessary personnel, rent, telephone, technology and supplies. In accordance
with the Administration Agreement, for the fiscal years ended December&nbsp;31, 2017, December&nbsp;31, 2016, and December&nbsp;31,
2015, Royce received $369,883, $287,941, and $195,783, respectively, in reimbursements from the Fund. </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Charles M. Royce is the Fund&rsquo;s portfolio
manager and is assisted by Portfolio Manager Chris E. Flynn and Portfolio Manager Lauren Romeo. Mr. Royce has been the portfolio
manager since the Fund&rsquo;s inception. Mr. Royce previously served as Chief Executive Officer (1972 &ndash; June 2016) and President
(1972 &ndash; July 2014) of Royce. Mr.&nbsp;Flynn has been an assistant portfolio manager of the Fund since 2007 and has been employed
by Royce since 1993. Ms. Romeo has been an assistant portfolio manager of the Fund since 2007 and has been employed by Royce since
2004.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Portfolio Manager Investments in the
Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 0; text-align: justify; text-indent: 0in">The following
table shows the dollar range of the Fund&rsquo;s shares owned beneficially and of record by the Fund&rsquo;s Portfolio Managers,
including investments by their immediate family members sharing the same household and amounts invested through retirement and
deferred compensation plans. Ownership information in the table is provided as of December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt outset; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Portfolio Manager</U></B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Dollar Range of Fund Shares Beneficially Owned</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles M. Royce</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
    $1,000,000</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris E. Flynn</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,001 to $500,000</font></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lauren A. Romeo</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,001 to $500,000</font></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Description of Portfolio Manager
Compensation Structure</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce seeks to maintain a compensation
program that is competitively positioned to attract and retain high-caliber investment professionals. All Portfolio Managers, receive
from Royce a base salary, Portfolio-Related Variable Compensation (generally the largest element of each Portfolio Manager&rsquo;s
compensation with the exception of Charles M. Royce), Firm-Related Variable Compensation based primarily on registered investment
company and other client account revenues generated by Royce and a benefits package. Portfolio Manager compensation is reviewed
and may be modified from time to time as appropriate to reflect changes in the market, as well as to adjust the factors used to
determine variable compensation. Except as described below, each Portfolio Manager&rsquo;s compensation consists of the following
elements:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BASE SALARY. Each Portfolio Manager is paid a base salary. In setting the base salary, Royce seeks to be competitive in light of the particular Portfolio Manager&rsquo;s experience and responsibilities.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO-RELATED VARIABLE COMPENSATION. Each Portfolio Manager receives quarterly Portfolio-Related Variable Compensation that is either asset-based, or revenue-based and therefore in part based on the value of the net assets of the account for which he or she is being compensated, determined with reference to each of the registered investment company and other client accounts they are managing. The revenue used to determine the quarterly Portfolio-Related Variable Compensation received by Charles M. Royce that relates to each of the Fund and Royce Micro-Cap Trust, Inc. (&ldquo;RMT&rdquo;) is performance-based fee revenue.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; padding-top: 12pt">Payment of the Portfolio-Related
Variable Compensation may be deferred, and any amounts deferred are forfeitable, if the Portfolio Manager is terminated by Royce
with or without cause or resigns. The amount of the deferred Portfolio-Related Variable Compensation will appreciate or depreciate
during the deferral period, based on the total return performance of one or more Royce-managed registered investment company accounts
selected by the Portfolio Manager at the beginning of the deferral period. The amount deferred will depend on the Portfolio Manager&rsquo;s
total direct, indirect beneficial and deferred unvested investments in the Royce registered investment company accounts for which
he or she is receiving portfolio management compensation.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRM-RELATED VARIABLE COMPENSATION. Portfolio Managers receive quarterly variable compensation based on Royce&rsquo;s net revenues.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BENEFIT PACKAGE. Portfolio Managers also receive benefits standard for all Royce employees, including health care and other insurance benefits, and participation in Royce&rsquo;s 401(k) Plan and Money Purchase Pension Plan. From time to time, on a purely discretionary basis, Portfolio Managers may also receive options to acquire stock in Royce&rsquo;s parent company, Legg Mason, Inc. Those options typically represent a relatively small portion of a Portfolio Manager&rsquo;s overall compensation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Portfolio Manager Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.45pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">The
following chart contains information regarding all Royce client accounts for which the Portfolio Managers listed above have day-to-day
management responsibilities.&nbsp; Information in the chart is provided as of December 31, 2017 for Charles M. Royce, Chris E.
Flynn, and Lauren Romeo. Accounts are grouped into three categories:&nbsp; (i) registered investment companies; (ii) private pooled</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.45pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">investment
vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance
(&ldquo;performance-based fees&rdquo;), information on those accounts is specifically broken out.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt outset; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Portfolio Manager</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Account</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Accounts</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Accounts</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed for which</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Advisory Fee is</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performance-Based</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Value of Accounts</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed for which</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Advisory Fee is</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performance Based</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles M. Royce</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,126,157,867</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,890,354,369</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private pooled investment vehicles</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,619,047</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,619,047</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts*</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,481,114</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris E. Flynn</FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,582,848,932</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,890,354,369</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private pooled investment vehicles</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts*</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lauren A. Romeo</FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,035,125,179</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,480,449,029</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private pooled investment vehicles</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">464,475,435</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts*</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
    </table>
<P STYLE="font: 9pt/120% Times New Roman, Times, Serif">*Other accounts include all other accounts managed by the Portfolio Manager in either a professional or personal capacity except for personal accounts subject to pre-approval and reporting requirements under the Fund&rsquo;s Rule 17j-1 Code of Ethics.</p>


<br>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Potential Conflicts of Interest</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The fact that a Portfolio Manager has
day-to-day management responsibility for more than one client account may create actual, potential or only apparent conflicts of
interest. For example, the Portfolio Manager may have an opportunity to purchase securities of limited availability. In this circumstance,
the Portfolio Manager is expected to review each account&rsquo;s investment guidelines, restrictions, tax considerations, cash
balances, liquidity needs and other factors to determine the suitability of the investment for each account and to ensure that
his or her managed accounts are treated equitably. The Portfolio Manager may also decide to purchase or sell the same security
for multiple managed accounts at approximately the same time. To address any conflicts that this situation may create, the Portfolio
Manager will generally combine managed account orders (i.e., enter a &ldquo;bunched&rdquo; order) in an effort to obtain best execution
or a more favorable commission rate. In addition, if orders to buy or sell a security for multiple accounts managed by common Portfolio
Managers on the same day are executed at different prices or commission rates, the transactions will generally be allocated by
Royce to each of such managed accounts at the weighted average execution price and commission. In circumstances where a pre-allocated
bunched order is not completely filled, each account will normally receive a pro-rated portion of the securities based upon the
account&rsquo;s level of participation in the order. Royce may under certain circumstances allocate securities in a manner other
than pro-rata if it determines that the allocation is fair and equitable under the circumstances and does not discriminate against
any account.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">As described above, there is
a revenue-based component of each Portfolio Manager&rsquo;s Performance-Related Variable Compensation and the Portfolio Managers
also receive Firm-Related Variable Compensation based on revenues (adjusted for certain imputed expenses) generated by Royce. In
addition, Charles M. Royce receives variable compensation based on Royce&rsquo;s retained pre-tax profits from operations. As a
result, the Portfolio Managers may receive a greater relative benefit from activities that increase the value to Royce of The Royce
Funds and/or other Royce client accounts, including, but not limited to, increases in sales of the Fund&rsquo;s shares and assets
under management.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Also, as described above, the
Portfolio Managers generally manage more than one client account, including, among others, registered investment company accounts,
separate accounts and private pooled accounts managed on behalf of institutions (e.g., pension funds, endowments and foundations)
and for high-net-worth individuals. The appearance of a conflict of interest may arise where Royce has an incentive, such as a
performance-based management fee (or any other variation in the level of fees payable by the Fund or other Royce client accounts
to Royce), which relates to the management of one or more of The Royce Funds or accounts with respect to which the same Portfolio
Manager has day-to-day management responsibilities. Except as described below, no Royce Portfolio Manager&rsquo;s compensation
is tied to performance fees earned by Royce for the management of any one client account. Although variable and other compensation
derived from Royce revenues or profits is impacted to some extent, the impact is relatively minor given the small percentage of
Royce firm assets under management for which Royce receives performance-measured revenue. Notwithstanding the above, the Performance-Related
Variable Compensation paid to Charles M. Royce as Portfolio Manager of two registered investment company accounts (the Fund and
RMT) is based, in part, on performance-based fee revenues. The Fund and RMT pay Royce a fulcrum fee that is adjusted up or down
depending on the performance of the Fund relative to its benchmark index.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Finally, conflicts of interest
may arise when a Portfolio Manager personally buys, holds or sells securities held or to be purchased or sold for the Fund or other
Royce client account or personally buys, holds or sells the shares of one or more of The Royce Funds. To address this, Royce has
adopted a written Code of Ethics designed to prevent and detect personal trading activities that may interfere or conflict with
client interests (including the Fund&rsquo;s stockholders&rsquo; interests). Royce generally does not permit its Portfolio Managers
to purchase small- or micro-cap securities for their personal investment portfolios.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Royce and The Royce Funds have
adopted certain compliance procedures which are designed to address the above-described types of conflicts. However, there is no
guarantee that such procedures will detect each and every situation in which a conflict arises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Portfolio Transactions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">Royce is responsible
for selecting the brokers who effect the purchases and sales of the Fund&rsquo;s portfolio securities. Royce does not select a
broker to effect a securities transaction for the Fund unless Royce believes such broker is capable of obtaining the best execution
for the security involved in the transaction. Best execution is comprised of several factors, including the liquidity of the market
for the security, the commission charged, the promptness and reliability of execution, priority accorded the order and other factors
affecting the overall benefit obtained.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">In addition
to considering a broker&rsquo;s execution capability, Royce generally considers the research and brokerage services which the broker
has provided to it, including any research relating to the security involved in the transaction and/or to other securities. Royce
may use commission dollars generated by agency transactions for the Fund and its other client accounts to pay for such services.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify">Research services that may be
paid for in this way assist Royce in carrying out its investment decision-making responsibilities. They may include general economic
research, market and statistical information, industry and technical research, strategy and company research, advice as to the
availability of securities or purchasers or sellers of a particular security, research related to performance measurement, and
may be written or oral. Brokerage services that may be paid for in this way include effecting securities transactions and incidental
functions such as clearance, settlement and custody.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 0in">Royce is authorized,
in accordance with Section 28(e) of the 1934 Act and under the Investment Advisory Agreement, to cause the Fund to pay brokerage
commissions in excess of those which another broker might have charged for effecting the same transaction, in recognition of the
value of research and brokerage services provided to Royce by the broker. Thus, the Fund generally pays higher commissions to those
brokers who provide both such research and brokerage services than those who provide only execution services. Royce determines
the overall reasonableness of brokerage commissions paid based on prevailing commission rates for similar transactions and the
value it places on the research and/or brokerage services provided to it by the broker, viewed in terms of either the particular
transaction or Royce&rsquo;s overall responsibilities with respect to its accounts. Liquidity rebates and payments for order flow
are not considered by Royce to be significant factors when selecting brokers and setting broker commission rates.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">Research and brokerage
services furnished by brokers through which the Fund effects securities transactions may be used by Royce in servicing all of its
accounts, and Royce may not use all of such services in connection with the Fund. Moreover, Royce&rsquo;s receipt of these services
does not reduce the investment advisory fees payable to Royce, even though Royce might otherwise be required to purchase some of
them for cash. Royce may, therefore, be viewed as having a conflict of interest relating to its obtaining such research services
with Fund and other client account commission dollars.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">In some cases Royce
may receive a service from a broker that has both a &ldquo;research/brokerage&rdquo; and a &ldquo;non-research/non-brokerage&rdquo;
use. When this occurs, Royce makes a good faith allocation between the research/brokerage and non-research/non-brokerage use of
the service. Only the portion of the service that is used for research/brokerage purposes may be paid for with commission dollars.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Firms that provide
such research and brokerage services to Royce may also promote the sale of the Fund&rsquo;s shares, and Royce and/or its affiliate,
Royce Fund Services, LLC (&ldquo;RFS&rdquo;), may separately compensate them for doing so. Such brokerage business is placed on
the basis of brokerage and research services provided by the firm and is not based on any sales of the shares of the Fund. RFS
does not effect portfolio security transactions for the Fund or others.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">Even though Royce
makes investment decisions for the Fund independently from those for the other funds and the other accounts managed by Royce, Royce
frequently purchases, holds or sells securities of the same issuer for more than one Royce account because the same security may
be suitable for more than one of them. When Royce is purchasing or selling the same security for more than one Royce account managed
by the same primary portfolio manager on the same trading day, Royce generally seeks to average the transactions as to price and
allocate them as to amount in a manner believed by Royce to be equitable to each. Royce generally effects such purchases and sales
of the same security pursuant to Royce&rsquo;s Trade Allocation Guidelines and Procedures. Although Royce&rsquo;s portfolio managers
generally pre-allocate the majority of Royce&rsquo;s purchase or sale orders to one or more of its client accounts, under such
Guidelines and Procedures, Royce may place and execute unallocated orders with broker-dealers during the trading day and then allocate
the securities purchased or sold in such transactions to one or more of Royce&rsquo;s accounts at or shortly following the close
of trading, generally using the average net price obtained by accounts with the same primary portfolio manager. Royce does such
allocations based on a number of judgmental factors that it believes should result in fair and equitable treatment to those of
its accounts for which the securities may be deemed suitable. In some cases, this procedure may adversely affect the price paid
or received by the Fund or the size of the position obtained for the Fund. In addition, on a limited, infrequent basis, and in
accordance with its written procedures, Royce may change initial allocations from one Royce client account to another when: (i)
it is determined that a security is unsuitable or inappropriate for a particular Royce client account in the original allocation;
(ii) there is a lack of cash in a Royce client account to whom a security is initially allocated; (iii) there is a client-imposed
restriction on the purchase of the security being allocated; or (iv) the portfolio manager has decided to change his initial allocation
for some other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">From time to time,
one or more of Royce&rsquo;s portfolio managers may sell short or purchase long a security for the client accounts that he manages
even though one or more other portfolio managers may have or acquire an opposite position in this same security for the client
accounts that they manage. In addition, from time to time, two portfolio managers with independent investment discretion over separate
portions of the Fund&rsquo;s portfolio may place opposite direction trades for the Fund in the same security on the same day or
within a short period of time of one another. Although Royce has taken certain steps designed to minimize the circumstances under
which this will occur, it nevertheless could result in adverse tax consequences to the Fund&rsquo;s taxable stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in"> During the
three years ended December&nbsp;31, 2015, 2016, and 2017, the Fund paid brokerage commissions as follows: $1,322,252, $1,148,839,
and $695,130, respectively. </P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"> As of December 31, 2017, the Fund held the
securities of Virtu Financial, Inc., one of its &ldquo;regular brokers or dealers&rdquo; (as defined in Rule 10b-1 under the 1940 Act)
or of any of their parents .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Portfolio Turnover</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> Although Royce generally
does not engage in the trading of securities for the purpose of realizing short-term profits for the Fund, Royce adjusts the Fund&rsquo;s
portfolio as it deems advisable in view of prevailing or anticipated market conditions to accomplish the Fund&rsquo;s investment
goal. A high rate of portfolio turnover involves correspondingly greater brokerage commission expenses than a lower rate, which
expenses must be borne by the Fund and its stockholders. High portfolio turnover may also result in the realization of substantial
net short-term capital gains and any distributions resulting from such gains will be taxable at ordinary income rates for U.S.&nbsp;federal
income tax purposes. The Fund&rsquo;s portfolio turnover rates for the years ended December&nbsp;31, 2016 and December&nbsp;31,
2017 were 28% and 19%, respectively. The portfolio turnover rate is calculated by dividing the lesser of sales or purchases of
portfolio securities by the average monthly value of the Fund&rsquo;s portfolio securities. For purposes of this calculation,
portfolio securities exclude purchases and sales of debt securities having a maturity at the date of purchase of one year or less. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FINANCIAL STATEMENTS AND INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund&rsquo;s audited financial
statements appearing in the Fund&rsquo;s annual stockholder report for the period ended December&nbsp;31,&nbsp;2017 are incorporated
by reference into this SAI and have been so incorporated in reliance upon the report of PricewaterhouseCoopers LLP, independent
registered public accounting firm for the Fund. The Fund&rsquo;s annual and semi-annual stockholder reports may be obtained without
charge by writing to the Fund at its address at 745 Fifth Avenue, New York, New York 10021, or by calling the Fund toll-free at
(800) 221-4268 and viewed on the Fund&rsquo;s Web site (http://www.roycefunds.com). </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TAXATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following discussion summarizes
certain U.S. federal income tax considerations affecting the Fund and its stockholders. The discussion is based on the tax laws
of the United States and the interpretations thereof, in effect on the date of this SAI. Such tax laws are subject to change and
to new interpretations by the courts and the Internal Revenue Service (the &ldquo;IRS&rdquo;) and such changes and new interpretations
can apply retroactively. No attempt is made to present a detailed explanation of all U.S. federal, state, local and foreign tax
concerns affecting the Fund and its stockholders and this discussion does not constitute tax advice. Investors are urged to consult
their tax advisers to determine the tax consequences to them of investing in the Fund in their particular circumstances.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Taxation of the Fund</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has qualified and intends to
continue to qualify, as a regulated investment company (a &ldquo;RIC&rdquo;) under Subchapter M of the Internal Revenue Code of
1986, as amended (the &ldquo;Code&rdquo;). To qualify and remain qualified as a RIC, the Fund must, among other conditions, (i)
derive in each taxable year at least 90% of its gross income from (a) dividends, interest (including tax-exempt interest), payments
with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other
income (including but not limited to gain from options, futures and forward contracts) derived with respect to its business of
investing in such stock, securities or currencies and (b) net income derived from interests in certain &ldquo;publicly traded partnerships&rdquo;
(as defined under the Code) that derive less than 90% of their gross income from the items described in (a) above (each a &ldquo;Qualified
Publicly Traded Partnership&rdquo;); and (ii) diversify its assets so that, at the end of each quarter of each taxable year (a)
at least 50% of the value of its total assets consists of cash and cash items, U.S. government securities, the securities of other
RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of
the value of a fund&rsquo;s total assets and not more than 10% of the outstanding voting securities of such issuer and (b) not
more than 25% of the value of a fund&rsquo;s total assets is invested in the securities of (I) any one issuer (other than U.S.
government securities and the securities of other RICs), (II) any two or more issuers in which a fund owns more than 20% or more
of the voting securities and that are determined to be engaged in the same business or similar or related trades or businesses
or (III) any one or more Qualified Publicly Traded Partnerships.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 12pt; text-align: justify">If a RIC fails a gross income
test for any taxable year, it nevertheless may qualify as a RIC for the year if it is entitled to relief under certain savings
provisions of the Code and pays a penalty tax. The savings provisions generally will be available if (i) after the RIC identifies
such failure, it files a schedule describing each item of gross income for such taxable year that fails the gross income tests,
and (ii) the RIC&rsquo;s failure to meet the test was due to reasonable cause and not due to willful neglect. The penalty tax equals
the amount (if any) by which the gross income that fails the RIC gross income test exceeds 1/9 of the RIC gross income that satisfies
the RIC gross income test.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Similarly, if a RIC fails to
meet an asset test, the RIC will not lose its RIC status if (i) once the RIC identifies the failure, the RIC describes each asset
that caused the failure in a schedule filed with the IRS; (ii) the failure is due to reasonable cause and not willful neglect;
(iii) within six months of the close of the quarter in which the RIC identifies the failure, the RIC either disposes of the asset
or otherwise passes the asset test; and (iv) unless the failure is a &ldquo;<I>de minimis</I>&rdquo; failure, the RIC pays a tax
in an amount equal to the greater of (a) $50,000, or (b) the amount equal to the product of (I) the net income generated by the
non-qualifying assets, and (II) the highest rate of corporate income tax. A failure of the assets tests is &ldquo;de minimis&rdquo;
if the total value of the non-qualifying assets does not exceed the lesser of (i) 1% of the total value of the RIC&rsquo;s assets,
and (ii) $10,000,000.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund invests in any partnership,
including a Qualified Publicly Traded Partnership, it may subject itself to state, local, or foreign income, franchise or withholding
tax liabilities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As a RIC, the Fund generally
will not be subject to U.S. federal income tax on its income and gains that it distributes to its shareholders during the taxable
year, provided that for each taxable year it distributes to stockholders an amount equal to at least 90% of the sum of its (i)
investment company taxable income (which includes dividends, interest and the excess of any net short-term capital gain over net
long-term capital loss and other taxable income, other than any net long-term capital gain, reduced by deductible expenses) determined
without regard to the deduction for dividends paid and (ii) its net tax-exempt interest (the excess of its gross tax-exempt interest
over certain disallowed deductions). The Fund intends to distribute at least annually substantially all of such income.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Amounts not distributed on a
timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax at the Fund
level. To avoid the tax, the Fund must or will, as the case may be, distribute during each calendar year an amount at least equal
to the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year, (ii) 98.2%
of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending
on October 31 of the calendar year (unless an election is made to use the Fund&rsquo;s fiscal year), and (iii) certain undistributed
amounts from previous years. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize
imposition of the 4% excise tax, no assurance can be given that sufficient amounts of the Fund&rsquo;s taxable income and capital
gain will be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on
the amount by which it fails to meet these distribution requirements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A distribution will be treated
as paid by the Fund during the calendar year if it is (i) paid during the calendar year or (ii) declared by the Fund in October,
November or December of the year, payable to its stockholders of record on a date during such a month and paid by the Fund during
January of the following year. Any such distributions paid during January of the following year will be deemed to be received no
later than December 31 of the year the distributions are declared, rather than when the distributions are paid, for purposes of
determining the timing of both the Fund&rsquo;s dividends-paid deduction and shareholder inclusion of the dividend.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund were unable to satisfy
the 90% distribution requirement or, notwithstanding the savings provisions of the Code, otherwise were to fail to qualify as a
RIC in any year, it would be taxed in the same manner as an ordinary corporation and distributions to the Fund&rsquo;s stockholders
would not be deductible by the Fund in computing its taxable income. To re-qualify to be taxed as a RIC in a subsequent year, the
Fund would be required to distribute to its stockholders its earnings and profits attributable to its non-RIC years. In addition,
if the Fund failed to qualify as a RIC for a period greater than two taxable years, it would be required to elect to recognize
and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have
been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a
period of ten years, in order to qualify as a RIC in a subsequent year.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Gain or loss on the sales of
securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than
one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Foreign currency gain or loss
on non-U.S. dollar-denominated securities and on any non-U.S. dollar-denominated futures contracts, options and forward contracts
that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Investments by the Fund in certain
&ldquo;passive foreign investment companies&rdquo; (&ldquo;PFICs&rdquo;) could subject the Fund to federal income tax (including
interest charges) on certain distributions or dispositions with respect to those investments that cannot be eliminated by making
distributions to stockholders. Elections may be available to the Fund to mitigate the effect of this tax provided that the PFIC
complies with certain reporting requirements, but such elections generally accelerate the recognition of income without the receipt
of cash. Dividends paid by PFICs will not qualify for the reduced tax rates discussed below under &ldquo;Taxation of Stockholders.&rdquo;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may invest in debt obligations
purchased at a discount with the result that the Fund may be required to accrue income for U.S. federal income tax purposes before
amounts due under the obligations are paid. The Fund may also invest in securities rated in the medium to lower rating categories
of nationally recognized rating organizations, and in unrated securities (&ldquo;high yield securities&rdquo;). A portion of the
interest payments on such high yield securities may be treated as dividends for certain U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As a result of investing in stock
of PFICs or securities purchased at a discount or any other investment that produces income that is not matched by a contemporaneous
cash distribution, the Fund could be required to include in taxable income amounts it has not yet received. Any such income would
be treated as income earned by the Fund and therefore would be subject to the distribution requirements of the Code. This might
prevent the Fund from satisfying the 90% distribution requirement or from making distributions necessary to avoid fund-level federal
income taxation on all of its income or to avoid the imposition of the excise tax. To avoid this result, the Fund may be required
to borrow money, or dispose of securities it would rather retain, in order to be able to make distributions to its stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund does not
meet the senior security asset coverage requirements of the 1940 Act, if applicable, the Fund will be required to suspend
distributions to its common stockholders until the asset coverage is restored. Such a suspension of distributions might
prevent the Fund from satisfying the 90% distribution requirement or from making distributions necessary to avoid fund-level
federal income taxation on all of its income or to avoid the imposition of the excise tax.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Certain of the Fund&rsquo;s investment
practices are subject to special and complex U.S. federal income tax provisions that may, among other effects, (i) disallow, suspend
or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gains into higher
taxed short-term capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility
of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely
change the date on which a purchase or sale of stock or securities is deemed to occur, (vi) adversely change the characterization
of certain complex financial transactions and (vii) produce income that will not qualify as good income for purposes of the 90%
annual gross income test described above. The Fund will monitor its transactions and may make certain tax elections to mitigate
the effect of these rules and prevent disqualification of the Fund as a RIC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Foreign Taxes</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Since the Fund may invest in
foreign securities, income from such securities may be subject to non-U.S. taxes. The Fund expects to invest less than 50% of its
total assets in foreign securities. As long as the Fund continues to invest less than 50% of its assets in foreign securities,
its stockholders will be unable to claim the foreign tax deduction or foreign tax credit with respect to certain foreign taxes
paid by the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Taxation of Stockholders</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund will determine either
to distribute or to retain for reinvestment all or part of its net capital gain. Any such gain retained by the Fund will be subject
to corporate level tax. In that event, the Fund expects to designate the retained amount as undistributed capital gain in a notice
to its stockholders, each of whom (i) will be required to include in income for tax purposes as long-term capital gain its share
of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by the Fund against its
federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii) will increase
its basis in its shares of the Fund by the excess of the amount included in income over the amount of the tax the stockholder
is deemed to have paid with respect to those shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Distributions paid by the Fund
from its investment company taxable income, which includes net short-term capital gain, generally are taxable as ordinary income
to the extent of the Fund&rsquo;s earnings and profits. Such distributions, if reported by the Fund in a written statement furnished
to its stockholders, may, however, qualify (provided holding period and other requirements are met by the Fund and its stockholders)
(i) for the dividends received deduction available to corporations, but only to the extent that the Fund&rsquo;s income consists
of dividend income from U.S. corporations and (ii) as qualified dividend income eligible for the reduced maximum federal tax rate
available to individuals , but only to the extent that the Fund receives qualified dividend income. Qualified dividend income is,
in general, dividend income from taxable domestic corporations and certain qualified foreign corporations, which include foreign
corporations incorporated in a possession of the United States or in certain countries with a qualifying comprehensive tax treaty
with the United States and a foreign corporation if the shares with respect to which such dividend is paid is readily tradable
on an established securities market in the United States. A qualified foreign corporation does not include a foreign corporation
which for the</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">taxable year of the corporation
in which the dividend was paid, or the preceding taxable year, is a &ldquo;passive foreign investment company,&rdquo; as defined
in the Code. If the Fund engages in certain securities lending transactions, the amount received by the Fund that is the equivalent
of the dividends paid by the issuer on the securities loaned will not be eligible for qualified dividend income treatment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Distributions of net capital
gain (if any) reported as capital gain distributions in written statements furnished to a stockholder are taxable at rates applicable
to long-term capital gain, whether paid in cash or in shares, and regardless of how long the stockholder has held its Fund shares.
Capital gain distributions are not eligible for the dividends received deduction. Net long-term capital gain of individuals is
subject to special reduced rates. Distributions in excess of a distributing Fund&rsquo;s earnings and profits will first reduce
the adjusted tax basis of a holder&rsquo;s shares and, after such adjusted tax basis is reduced to zero, will constitute capital
gain to such holder (assuming the shares are held as a capital asset).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If an individual receives a dividend
that is eligible for qualified dividend income treatment, and such dividend constitutes an &ldquo;extraordinary dividend,&rdquo;
then any loss on the sale or exchange of the Fund shares in respect of which the extraordinary dividend was paid, will be long-term
capital loss to the extent of such extraordinary dividend. An &ldquo;extraordinary dividend&rdquo; for this purpose is generally
a dividend (i) in an amount greater than or equal to 10% or 5% of the taxpayer&rsquo;s tax basis (or trading value) in a share
of common stock or preferred stock, respectively, aggregating dividends with ex-dividend dates within an 85-day period or (ii)
in an amount greater than 20% of the taxpayer&rsquo;s tax basis (or trading value) in a share of common or preferred stock, aggregating
dividends with ex-dividend dates within a 365-day period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The IRS requires a RIC
that has two or more classes of stock to allocate to each such class proportionate amounts of each type of the RIC&rsquo;s
income (such as ordinary income, capital gains, dividends qualifying for the dividends received deduction (&ldquo;DRD&rdquo;)
and qualified dividend income) based upon the percentage of total dividends paid out of current or accumulated earnings
and profits to each class for the taxable year. Accordingly, if the Fund has preferred stock outstanding, the Fund intends
for each taxable year to allocate each type of its income between its common stock and preferred stock, if any, in proportion
to the total dividends paid out of current or accumulated earnings and profits to each class with respect to such taxable
year. Distributions in excess of the Fund&rsquo;s current and accumulated earnings and profits, if any, however, will not
be allocated proportionately between the common stock and preferred stock. Since the Fund&rsquo;s current and
accumulated earnings and profits will first be used to pay dividends on its preferred stock, if any, distributions in excess
of such earnings and profits (if any) will be made disproportionately to holders of such Fund&rsquo;s common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Stockholders may be entitled
to offset their capital gain distributions (but not distributions eligible for qualified dividend income treatment) with capital
loss. There are a number of statutory provisions affecting whether capital loss may be offset against capital gain, and limiting
the use of loss from certain investments and activities. Stockholders with capital loss are urged to consult their tax advisers
on such limitations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless your investment is in
a tax-deferred account, you may want to avoid buying shares shortly before the Fund pays a dividend. The price of stock purchased
at any time may reflect the amount of a forthcoming distribution. Those purchasing stock just prior to the record date for the
distribution will pay full price for the shares and then receive a distribution which will be taxable to them even though it may
represent in part a return of invested capital.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Certain types of income received
by the Fund from real estate investment trusts (&ldquo;REITs&rdquo;), real estate mortgage investment conduits (&ldquo;REMICs&rdquo;),
taxable mortgage pools or other investments may cause the Fund to report some or all of its distributions as &ldquo;excess inclusion
income.&rdquo; To Fund stockholders, such excess inclusion income may (1) constitute taxable income, as &ldquo;unrelated business
taxable income&rdquo; (&ldquo;UBTI&rdquo;) for those stockholders who would otherwise be tax-exempt such as individual retirement
accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (2) not be offset against net operating
losses for tax purposes; (3) not be eligible for reduced U.S. withholding for non-U.S. stockholders even from tax treaty countries;
and (4) cause a Fund to be subject to tax if certain &ldquo;disqualified organizations&rdquo; as defined by the Code are Fund stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon a sale, exchange, redemption
or other disposition of Fund shares, a stockholder will generally realize a taxable gain or loss equal to the difference between
the amount of cash and the fair market value of other property received and the stockholder&rsquo;s adjusted tax basis in the shares.
Such gain or loss will be treated as long-term capital gain or loss if the Fund shares have been held for more than one year. Any
loss realized on a sale or exchange of the shares of the Fund will be disallowed to the extent the shares disposed of are replaced
by substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date that the shares
are disposed of. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any loss realized by a stockholder
on the sale of Fund shares held by the stockholder for six months or less will be treated for tax purposes as a long-term capital
loss to the extent of any capital gain distributions received by the stockholder (or amounts credited to the stockholder as an
undistributed capital gain) with respect to such shares.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Stockholders will be furnished,
if appropriate, various written statements after the close of each of the Fund&rsquo;s taxable years reporting the U.S. federal
income tax status of certain dividends, distributions and deemed distributions that were paid (or that are treated as having been
paid) by the Fund to its stockholders during the preceding taxable year.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If a stockholder recognizes a
loss with respect to Fund shares of $2 million or more for an individual stockholder or $10 million or more for a corporate stockholder,
the stockholder must file with the IRS a disclosure statement on Form 8886. Direct stockholders of portfolio securities are in
many cases exempted from this reporting requirement, but under current guidance, stockholders of a regulated investment company
are not exempted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether
the taxpayer&rsquo;s treatment of the loss is proper. Stockholders are encouraged to consult their tax advisers to determine the
applicability of these regulations in light of their individual circumstances.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dividends paid or distributions
made by the Fund to stockholders who are non-resident aliens or foreign entities (&ldquo;foreign investors&rdquo;) are generally
subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty to the extent derived from
investment income and short-term capital gains. In order to obtain a reduced rate of withholding, a foreign investor will be required
to provide an IRS Form W-8BEN or W-8BEN-E certifying its entitlement to benefits under a treaty. The withholding tax does not apply
to regular dividends paid or distributions made to a foreign investor who provides a Form W-8ECI, certifying that the dividends
or distributions are effectively connected with the foreign investor&rsquo;s conduct of a trade or business within the United States.
Instead, the effectively connected dividends or distributions will be subject to regular U.S. income tax as if the foreign investor
were a U.S. stockholder. A non-U.S. corporation receiving effectively connected dividends or distributions may also be subject
to additional &ldquo;branch profits tax&rdquo; imposed at a rate of 30% (or lower treaty rate). A foreign investor who fails to
provide an applicable IRS Form W-8 or other applicable form may be subject to backup withholding at the appropriate rate.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In general, United States federal
withholding tax will not apply to any gain or income realized by a foreign investor in respect of any distributions of net long-term
capital gains over net short-term capital losses, exempt-interest dividends, or upon the sale or other disposition of shares of
the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Properly-reported dividends or
distributions are generally exempt from United States federal withholding tax if they (i) are paid in respect of the Fund&rsquo;s
&ldquo;qualified net interest income&rdquo; (generally, the Fund&rsquo;s U.S. source interest income other than certain contingent
interest and interest from obligations of a corporation or partnership in which the Fund is a 10% or greater stockholder, reduced
by expenses that are allocable to such income) or (ii) are paid in respect of the Fund&rsquo;s &ldquo;qualified short-term capital
gains&rdquo; (generally, the excess of a Fund&rsquo;s net short-term capital gain over its long-term capital loss for such taxable
year). Depending on its circumstances, however, the Fund may report its potentially eligible dividends or distributions as a combination
of qualified net interest income, qualified short-term capital gains, and income not qualifying for this withholding exemption.
In order to qualify for this exemption from withholding, a foreign investor will need to comply with applicable certification requirements
relating to its non-U.S. status (including, in general, furnishing an applicable IRS Form W-8 or substitute Form to the Fund).
In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified
net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to
the application of these rules to their accounts.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Backup Withholding</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may be required to withhold
U.S. federal income tax on all taxable distributions and redemption proceeds payable to non-corporate stockholders who fail to
provide the Fund with their correct taxpayer identification number or to make required certifications, or who have been notified
by the IRS that they are subject to backup withholding.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Backup withholding is not an
additional tax. Any amounts withheld may be refunded or credited against such stockholder&rsquo;s U.S. federal income tax liability,
if any, provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Tax on Net Investment Income</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A 3.8% tax (in addition to other
federal income taxes) is imposed on the net investment income of U.S. stockholders that are individuals, estates or trusts with
incomes exceeding certain thresholds. This tax applies to dividends on and gain from the disposition of the Fund&rsquo;s shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Foreign Account Tax Compliance Act</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A 30% withholding tax may be
imposed on U.S.-source dividends at any time as well as proceeds from sales occurring after December 31, 2018 to (i) certain foreign
financial institutions and investment funds, and (ii) certain other foreign entities. To avoid withholding, foreign financial institutions
and investment funds will generally need to either (a) collect and report to the IRS detailed information identifying their U.S.
accounts and U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold tax on certain
payments made to noncomplying foreign entities and account holders or (b) if an intergovernmental agreement is entered into and
implementing legislation is adopted, comply with the agreement and legislation.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Other foreign entities will generally
need to either provide detailed information identifying each substantial U.S. owner or certify there are no such owners.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Stockholders and prospective
investors are encouraged to consult their tax advisers regarding the possible implications of this recently enacted legislation
on their investment in the Fund&rsquo;s common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ordinary income distributions
and capital gain distributions also may be subject to state and local taxes. Stockholders are urged to consult their tax advisers
regarding specific questions about federal (including the application of the alternative minimum tax rules), state, local or foreign
tax consequences to them of investing in the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>The foregoing is a general
summary of the provisions of the Code and Treasury regulations presently in effect. For the complete provisions, reference should
be made to the pertinent Code sections and the Treasury regulations promulgated thereunder. The Code and the Treasury regulations
are subject to change by legislative, judicial or administrative action, and any change can apply retroactively. Stockholders and
prospective investors are encouraged to consult their tax advisers regarding the purchase, ownership and disposition of shares
of common stock of the Fund.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 10pt; text-align: center"><B>CODE OF ETHICS AND RELATED
MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Royce, RFS,
distributor of the various series of TRF and RCF, and The Royce Funds have adopted a Code of Ethics under which
directors (other than non-management directors), officers and employees of Royce and RFS (&ldquo;Royce-related
persons&rdquo;) and interested trustees/directors, officers and employees of The Royce Funds are generally prohibited from
personal trading in any security which is then being purchased or sold or considered for purchase or sale by a Royce Fund or
any other Royce account. The Code of Ethics permits such persons to engage in other personal securities transactions if: (i)
the securities involved are certain debt securities, money market instruments/funds, shares of non-affiliated registered
open-end investment companies or shares acquired from an issuer in a rights offering or under an automatic investment plan,
including among other things, dividend reinvestment plans or employee-approved automatic payroll-deduction cash purchase
plans; (ii) the transactions are either non-volitional or are effected in an account over which such person has no direct or
indirect influence or control; or (iii) they first obtain permission to trade from a Royce Compliance Officer and either an
executive officer or Senior Portfolio Manager of Royce. The Code of Ethics contains standards for the granting of such
permission, and permission to trade will usually be granted only in accordance with such standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Code of Ethics
can be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public
Reference Room may be obtained by calling the SEC at (202) 551-8090. The Code of Ethics is also available on the EDGAR Database
on the SEC's internet site at http://www.sec.gov, and copies of them may be obtained, after paying a duplicating fee, by electronic
request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, Washington, D.C.
20549-0102.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">Royce&rsquo;s
clients include several private investment companies in which Royce, Royce-related persons and/or other Legg Mason affiliates have
(and, therefore, may be deemed to beneficially own) a share of up to 15% of the company&rsquo;s realized and unrealized net capital
gains from securities transactions, but less than 25% of the company&rsquo;s equity interests. The Code of Ethics does not restrict
transactions effected by Royce for such private investment company accounts, and transactions for such accounts are subject to
Royce&rsquo;s allocation policies and procedures. See <I>&ldquo;Portfolio Transactions&rdquo;</I> below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">As of February
16, 2018, Royce-related persons, interested trustees/directors, officers and employees of The Royce Funds and members of their
immediate families beneficially owned shares of The Royce Funds having a total value of over $___ million, and such persons beneficially
owned equity interests in Royce-related private investment companies totaling approximately $__ million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">Royce has adopted
written proxy voting policies and procedures (the &ldquo;Proxy Voting Procedures&rdquo;) for itself and client accounts for which
Royce is responsible for voting proxies. Royce is generally granted proxy voting authority at the inception of its management of
each client account. Proxy voting authority is generally either (i) specifically authorized in the applicable investment management
agreement or other instrument; or (ii) where not specifically authorized, is granted to Royce where general investment discretion
is given to Royce in the applicable investment management agreement. In voting proxies, Royce is guided by general fiduciary principles.
Royce&rsquo;s goal is to act prudently, solely in the best interest of the beneficial owners of the accounts it manages. Royce
attempts to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner
it believes will be consistent with efforts to enhance and/or protect stockholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">Royce&rsquo;s
personnel are responsible for monitoring receipt of all proxies and seeking to ensure that proxies are received for all securities
for which Royce has proxy voting authority. Royce is not responsible for voting proxies it does not receive. Royce divides proxies
into &ldquo;regularly recurring&rdquo; and &ldquo;non-regularly recurring&rdquo; matters. Examples of regularly recurring matters
include non-contested elections of directors and non-contested approvals of independent auditors. Royce&rsquo;s personnel are responsible
for developing and maintaining a list of matters Royce treats as &ldquo;regularly recurring&rdquo; and for ensuring that instructions
from a Royce Co-Chief Investment Officer are followed when voting those matters on behalf of Royce clients. Non-regularly recurring
matters are all other proxy matters and are brought to the attention of the relevant portfolio manager(s) for the applicable account(s).
After giving consideration to advisories provided by an independent third party research firm with respect to such non-regularly
recurring matters, the portfolio manager(s) directs that such matters be voted in a way that he or she believes should better protect
or enhance the value of the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">Certain Royce
portfolio managers may provide instructions that they do not want regularly recurring matters to be voted in accordance with the
standing instructions for their accounts and individual voting instructions on all matters, both regularly recurring and non-regularly
recurring, will be obtained from such portfolio managers. Under certain circumstances, Royce may also vote against a proposal from
the issuer&rsquo;s board of directors or management. Royce&rsquo;s portfolio managers decide these issues on a case-by-case basis.
A portfolio manager of Royce may, on occasion, decide to abstain from voting a proxy or a specific proxy item when such person
concludes that the potential benefit of voting is outweighed by the cost or when it is not in the client's best interest to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">There may be circumstances
where Royce may not be able to vote proxies in a timely manner, including, but not limited to, (i) when certain securities are
out on loan at the time of a record date; (ii) when administrative or operational constraints impede Royce&rsquo;s ability to cast
a timely vote, such as late receipt of proxy voting information; and/or (iii) when systems, administrative or processing errors
occur (including errors by Royce or third party vendors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">To further Royce&rsquo;s
goal to vote proxies in the best interests of its client, Royce follows specific procedures outlined in the Proxy Voting Procedures
to identify, assess and address material conflicts that may arise between Royce&rsquo;s interests and those of its clients before
voting proxies on behalf of such clients. In the event such a material conflict of interest is identified, the proxy will be voted
by Royce in accordance with the recommendation given by an independent third party research firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">You may obtain
a copy of the Proxy Voting Procedures at www.roycefunds.com or by calling 212-508-4500. Additionally, information regarding how
the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without
charge upon request, by calling the Fund toll-free at (800) 221-4268 and on the SEC&rsquo;s Web site at http://www.sec.gov.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART C</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 25. Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">1. <B>Financial Statements</B>.
The financial statements of Royce Value Trust, Inc. (the &ldquo;Fund&rdquo; or the &ldquo;Registrant&rdquo;) to be included in
Parts A and B of the Registrant&rsquo;s Registration Statement on Form N-2 (the &quot;Registration Statement&quot;) are as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Part A: </B>Financial Highlights
for each of the ten fiscal years ended December 31, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Part B: </B>The audited
financial statements for the fiscal year ended December 31, 2017 are incorporated by reference to Registrant&rsquo;s annual stockholder
report for the year ended December 31, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>2. Exhibits</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 15%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit Item Number</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 85%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Incorporation dated July 1, 1986.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated May 6, 1988.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated April 28, 1989.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated March 2, 1998.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated March 19, 1998.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Certificate of Correction dated May 11, 1998.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary creating the 7.80% Cumulative Preferred Stock (the &ldquo;7.80% Preferred&rdquo;).(2)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(8)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary creating the 7.30% Tax-Advantaged Cumulative Preferred Stock (the &ldquo;7.30% Preferred&rdquo;).(3)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(9)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary dated February 5, 2003.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(10)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary creating the 5.90% Cumulative Preferred Stock (the &ldquo;5.90% Preferred&rdquo;).(4)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles Supplementary classifying and re-designating previously issued and redeemed classes of Preferred Stock dated December 30, 2003.(5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amended and Restated By-laws.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions of instruments defining the rights of holders of securities.(6)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of specimen share certificate for Common Stock.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of share certificate for 7.80% Preferred.(7)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of share certificate for 7.30% Preferred.(3)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Distribution Reinvestment And Cash Purchase Plan for Registrant&rsquo;s common stockholders.(8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(f)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(g)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amended and Restated Investment Advisory Agreement, dated July 1, 2016, by and between the Fund and Royce &amp; Associates, LP (&ldquo;Royce&rdquo;).(9)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(h)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Custodian Contract with State Street Bank and Trust Company (&ldquo;State Street&rdquo;) dated October 20, 1986. (1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated December 11, 1987.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated May 13, 1988.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated April 2, 1992.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated November 3, 1997.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated September 14, 2000.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Amendment to Custodian Contract dated April 16, 2003.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(8)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated June 12, 2009.(8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(9)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated January 1, 2013.(8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(10)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated December 13, 2016.(8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Registrar, Transfer Agency and Service Agreement with State Street (Common Stock) dated October 20, 1986.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Registrar, Transfer Agency and Service Agreement with State Street (7.80% Preferred Stock) dated August 21, 1996.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">First Amendment to Registrar, Transfer Agency and Paying Agency Agreement (7.80% Preferred and 7.30% Preferred) dated May 18, 1998.(10)</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Second Amendment to Registrar, Transfer Agency and Paying Agency Agreement (5.90% Preferred).(4)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Subscription Certificate.(11)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Subscription Agent Agreement.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Information Agent Agreement.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(8)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Committed Facility Agreement, as amended and supplemented.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(l)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Legal Opinion and Consent of Venable LLP.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(m)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(n)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Consent
    of PricewaterhouseCoopers LLP, current independent registered public accounting firm for the Fund.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(n)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Consent
    of Tait, Weller &amp; Baker, LLP, former independent registered public accounting firm for the Fund.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(o)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(p)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(q)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(r)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Code of Ethics for Registrant and Royce.(11)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Footnotes to List of Exhibits</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="width: 97%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on January 3, 2003 (File No. 333-102349).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to Pre-Effective Amendment No. 1 to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on August 9, 1996 (File No. 333-8039).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on April 29, 1998 (File No. 333-51295).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on October 2, 2003 (File No. 333-107578)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Form NSAR-A, filed with the SEC on August 26, 2004.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Contained in Registrant&rsquo;s Articles of Incorporation, as amended and supplemented, and Registrant&rsquo;s Amended and Restated By-laws</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on July 12, 1996 (File No. 333-8039).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on January
25, 2018 (File No. 333- 222703).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Form NSAR-B, filed with the SEC on February 28, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to Pre-Effective Amendment No. 1 to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on May 14, 1998 (File No. 333-51295).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to Post-Effective Amendment No. 135 to The Royce Fund&rsquo;s Registration Statement on Form N-1A, filed with the SEC on December 29, 2017 (File No. 333-51295).</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Filed herewith.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 26. Marketing Arrangements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Please see Exhibits (k)(6) and (k)(7) to this Registration Statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 27. Other Expenses of Issuance and Distribution</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The following table sets forth the estimated
fees and expenses to be incurred in connection with the offering of securities described in this Registration Statement:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Category</B></FONT></TD>
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated
    Expenses</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    Registration Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$19,840</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE
    Listing Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$38,065</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$157,500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing
    and Mailing Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$157,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
    Agent Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$146,285</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
    Agent Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$15,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6,810</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Item 28. Persons Controlled
By or Under Common Control with Registrant.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">None.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Item 29. Number of Record Holders
of Common Stock.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">As of the Record Date, there were _____ record holders of the Registrant's common stock.</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 30. Indemnification</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to Section
2-418 of the Maryland General Corporation Law, Article VI and VII of the Fund&rsquo;s Articles of Incorporation, as amended and
supplemented, Article V of the Fund&rsquo;s Amended and Restated By-laws, and the Investment Advisory Agreement, each of which
provide for indemnification.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Investment Advisory Agreement
between the Fund and Royce obligates the Fund to indemnify Royce and hold it harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys&rsquo; fees) incurred by Royce in or by reason of any action, suit, investigation
or other proceeding arising out of or otherwise based upon any action actually or allegedly taken or omitted to be taken by Royce
in connection with the performance of any of its duties or obligations under the Agreement or otherwise as an investment adviser
of the Fund. Royce is not entitled to indemnification in respect of any liability to the Fund or its security holders to which
it would otherwise be subject by reason of its willful misfeasance, bad faith or gross negligence.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the &ldquo;1933
Act&rdquo;) may be permitted to directors, officers and controlling persons of the Fund pursuant to the foregoing provisions or
otherwise, the Fund has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Fund of expenses incurred or paid by a director, officer or controlling person
of the Fund in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Fund will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</p>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Fund, its officers and
directors, Royce and certain others are presently insured under a Directors and Officers/Errors and Omissions Liability Insurance
Policy issued by ICI Mutual Insurance Company, which generally covers claims by the Fund&rsquo;s stockholders and third persons
based on or alleging negligent acts, misstatements or omissions by the insureds and the costs and expenses of defending those claims,
up to a limit of $20,000,000, with a deductible amount of $500,000.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 31. Business and Other Connections of Investment
Adviser</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the filings
on Schedule D to the Form ADV, as amended, of Royce &amp; Associates, LP for Registration as an investment adviser under the Investment
Advisers Act of 1940.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 32. Location of Accounts and Records</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Records are located at:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">1. Royce Value Trust, Inc.,
23rd Floor, 745 Fifth Avenue, New York, New York 10151.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">(Corporate records and records
relating to the function of Royce as investment adviser to the Fund)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">2. State Street Bank and
Trust Company, 1776 Heritage Drive, John Adams Building, 2 North, North Quincy, Massachusetts 02171.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">(Records relating to its functions as Custodian
for the Fund)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">3. Computershare Trust Company, N.A., P.O. Box
30170, College Station, TX 77842-3170 (Attention: Royce Value Trust, Inc.)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">(Records relating to its functions as Registrar
and Transfer Agent and Dividend Paying Agent for the Fund)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 33. Management Services</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">Not applicable.</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 34. Undertakings</B></P>

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The Fund undertakes to suspend the offering
of the securities covered by its Registration Statement shares until it amends its Prospectus if (a) subsequent to the effective
date of its Registration Statement, the net asset value of its shares declines more than 10% from its net asset value as of the
effective date of the Registration Statement or (b) the net asset value increases to an amount greater than its net proceeds as
stated in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. The Registrant undertakes:.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(a) to file, during any period in which offers or sales
are being made, a post-effective amendment to the registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(1) to include any prospectus required by Section 10(a)(3)
of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(2) to reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(3) to include any material information with respect to
the plan of distribution not previously disclosed in the registration statement or any material change to such information in the
registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(b) that, for the purpose of determining liability under
the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(c) to remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(d) that, for the purpose of determining liability under
the 1933 Act to any purchaser, if the Registrant is subject to Rule 430C; each prospectus filed pursuant to Rule 497(b), (c), (d)
or (e) under the 1933 Act, shall be deemed to be part of and included in this registration statement as of the date it is first
used after effectiveness. Provided, however, that no statement made in this registration statement or prospectus that is part of
this registration statement or made in a document incorporated or deemed incorporated by reference into this registration statement
or prospectus that is art of this registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in this registration statement or prospectus that was part of this registration
statement or made in any such document immediately prior to such date of first use;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(e) that for the purpose of determining liability of the
Fund under the Securities Act to any purchaser in the initial distribution of securities:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The undersigned Registrant undertakes that in a primary
offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method
used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to the purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(1) any preliminary prospectus or prospectus of the undersigned
Registrant relating to the offering required to be filed pursuant to Rule 497 under the 1933 Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(2) the portion of any advertisement pursuant to Rule 482
under the 1933 Act relating to the offering containing material information about the undersigned Registrant or its securities
provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(3) any other communication that is an offer in the offering
made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>



<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">5. The Registrant undertakes that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(a) for the purpose of determining any liability under
the Securities Act of 1933, as amended, the information omitted from the form of prospectus filed as part of this registration
statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 497(h) under the
1933 Act shall be deemed to be part of this registration statement as of the time it was declared effective; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in">(b) for the purpose of determining any liability under
the Securities Act of 1933, as amended, each post-effective amendment that contains a form of prospectus shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. The Fund undertakes to send by first class
mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request,
any Statement of Additional Information.</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York
on the 14<sup>th</sup> day of March, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 4in">ROYCE VALUE TRUST, INC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 4in">(Registrant)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4in">&#9;By: <U>/s/ Christopher D. Clark&#9;</U><BR>
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher D. Clark, President</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each person
whose signature appears below hereby authorizes Christopher D. Clark or John E. Denneen, or any of them, as attorney-in-fact,
to sign on his or her behalf, individually and in each capacity stated below, any amendments to this Registration Statement
(including post-effective amendments) and to file the same, with all exhibits thereto, with the Securities and Exchange
Commission.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SIGNATURE</U></FONT></TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>TITLE</U></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>DATE</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Charles M. Royce&#9;</U><BR>
        Charles M. Royce</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<BR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Christopher D. Clark&#9;</U><BR>
        Christopher D. Clark<br><br></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Director<br>(Principal Executive Officer)</FONT></TD>
<BR><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Peter K. Hoglund&#9;</U><BR>
        Peter K. Hoglund<br><br></P></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer<br>(Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Patricia W. Chadwick&#9;</U><BR>
        Patricia W. Chadwick</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Christopher C. Grisanti&#9;</U><BR>
        Christopher C. Grisanti</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Stephen L. Isaacs&#9;</U><BR>
        Stephen L. Isaacs</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Arthur S. Mehlman&#9;</U><BR>
        Arthur S. Mehlman</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ David L. Meister&#9;</U><BR>
        David L. Meister</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ G. Peter O'Brien&#9;</U><BR>
        G. Peter O'Brien</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Michael K. Shields&#9;</U><BR>
        Michael K. Shields</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 14, 2018</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page --><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT INDEX</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item Number</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Agent Agreement.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Agent Agreement.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(8)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Committed Facility Agreement, as amended and supplemented.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Opinion and Consent of Venable LLP</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of PricewaterhouseCoopers LLP, current independent registered public accounting firm for the Fund.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Tait, Weller &amp; Baker, LLP, former independent registered public accounting firm  for the Fund.</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><IMG SRC="computershare.jpg" ALT="Logo_Computershare_Purple_JPEG" STYLE="height: 46px; width: 248px"></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>Revised </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/200% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>Subscription Agent
Agreement</B></P>

<P STYLE="font: 10pt/200% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>Between</B></P>

<P STYLE="font: 10pt/200% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>Royce Value Trust,
Inc.</B></P>

<P STYLE="font: 10pt/200% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>and</B></P>

<P STYLE="font: 10pt/200% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>Computershare Trust
Company, N.A.</B></P>

<P STYLE="font: 10pt/200% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>and</B></P>

<P STYLE="font: 10pt/200% Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>Computershare Inc.</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<br><br><br><br><br><br><br><br><br>
<!-- Field: Page; Sequence: 1 -->
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    1</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0"><B>THIS SUBSCRIPTION AGENT AGREEMENT</B> (the &#8220;<B>Agreement</B>&#8221;)
is entered into as of this 14<SUP>th</SUP> day of March, 2018 (the &#8220;<B>Effective Date</B>&#8221;) by and among Royce Value
Trust, Inc., a corporation organized and existing under the laws of the State of Maryland (&quot;<B>Company</B>&quot;), and Computershare
Trust Company, N.A., a national banking association (&#8220;<B>Trust Company</B>&#8221;), and Computershare Inc., a Delaware corporation
(&#8220;<B>Computershare</B>&#8221; and, together with Trust Company, the &#8220;<B>Agent</B>&#8221;).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is making
an offer (the &#8220;<B>Subscription Offer</B>&#8221;) to issue to the holders of record of its outstanding shares of common stock,
par value $0.001 per share (the &#8220;<B>Common Stock</B>&#8221;), as of the close of business on March 5, 2018 or such other
date as established by the Company (the &#8220;<B>Record Date</B>&#8221;), the right to subscribe for and purchase (each, a &#8220;<B>Right</B>&#8221;)
shares of Common Stock (the &#8220;<B>Additional Common Stock</B>&#8221;), subject to the terms and conditions set forth herein.
The subscription price per share of Additional Common Stock (the &#8220;<B>Subscription Price</B>&#8221;) shall be payable as described
on the Subscription Form (as defined below) sent to eligible stockholders and shall be the lower of (i) $0.25 below the last reported
sale price per share of the Common Stock on the New York Stock Exchange on April 20, 2018, or, if the Expiration Time (as defined
below) is extended, on the first business day after the Expiration Time (the &#8220;<B>Pricing Date</B>&#8221;) or (ii) the net
asset value per share of the Common Stock on the Pricing Date. The term &#8220;<B>Subscribed</B>&#8221; shall mean submitted for
purchase from Company by a stockholder in accordance with the terms of the Subscription Offer, and the term &#8220;<B>Subscription</B>&#8221;
shall mean any such submission. Company hereby appoints Agent to act as subscription agent in connection with the Subscription
Offer and Agent hereby accepts such appointment in accordance with and subject to the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Subscription Offer
will expire at 5:00pm, Eastern Time, on April 19, 2018 (the &#8220;<B>Expiration Time</B>&#8221;), unless Company shall have extended
the period of time for which the Subscription Offer is open, in which event the term &#8220;<B>Expiration Time</B>&#8221; shall
mean the latest time and date at which the Subscription Offer, as so extended by Company from time to time, shall expire.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company filed a Registration
Statement on Form N-2 relating to the Additional Common Stock with the Securities and Exchange Commission under the Securities
Act of 1933 (the &#8220;<B>1933 Act</B>&#8221;) and the Investment Company Act of 1940 (the &#8220;<B>1940 Act</B>&#8221;) and
such Registration Statement is <FONT STYLE="letter-spacing: 0pt">currently effective, or will be effective prior to the sale of
any Additional Common Stock. </FONT>The terms of the Additional Common Stock shall be more fully described in the final prospectus
provided by Company or its designee to Agent for distribution to the eligible holders of Common Stock in connection with the Subscription
Offer (hereinafter, the &#8220;<B>Prospectus</B>&#8221;). All terms used and not defined herein shall have the same meaning as
in the Prospectus.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the
Record Date, the Company will furnish Agent, or instruct Agent in its capacity as transfer agent for the Company, to prepare a
certified list in a format acceptable to Agent of holders of record of Common Stock as of the Record Date, including each such
holder&#8217;s name, address, taxpayer identification number (&#8220;<B>TIN</B>&#8221;), number of shares of Common Stock with
applicable tax lot detail, any certificate detail and information regarding any applicable account stops or blocks (the &#8220;<B>Record
Stockholders List</B>&#8221;).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No later than the earlier
of (i) forty-five (45) days after the Record Date or (ii) January 15 of the year following the year in which the Record Date occurs,
the Company shall deliver to Agent written direction on the adjustment of cost basis for covered securities that arise from or
are affected by the Subscription Offer in accordance with current Internal Revenue Service regulations (see Exhibit &#8220;<B>B</B>&#8221;
for additional information).</P>



<br><br><br><br><br><br><br><br><br>
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    2</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subscription of
Rights</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligible stockholders
will receive one (1) Right for each whole share of Common Stock held of record as of the Record Date, rounded up to the nearest
number of Rights evenly divisible by ten (10). In the case of shares of Common Stock held of record by a broker-dealer, bank or
other financial intermediary (each, a &#8220;<B>Nominee</B>&#8221;), the number of Rights issued to such Nominee will be adjusted
to permit rounding up (to the nearest number of Rights evenly divisible by ten) of the Rights to be received by each of the beneficial
owners for whom it is the holder of record only if the Nominee provides to Company, on or before the deadline set forth in the
Prospectus, a written representation of the number of Rights required for such rounding. The Rights entitle the holders to subscribe,
upon payment of the Subscription Price, for shares of Additional Common Stock at the rate of one (1) share for each ten (10) Rights
held (the &#8220;<B>Basic Subscription Privilege</B>&#8221;). No fractional Rights and no fractional shares of Additional Common
Stock will be issued.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligible stockholders
who fully exercise their Rights also may purchase shares of Additional Common Stock not acquired by other eligible stockholders
as part of the Basic Subscription Privilege as more fully described in the Prospectus. Company may, in its sole discretion and
subject to certain anti-dilution limitations, increase the number of shares of Additional Common Stock subject to subscription
by up to 20% through the exercise of an over-allotment option as more fully described in the Prospectus.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">2.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise
indicated to Agent by Company in writing, all Additional Common Stock delivered hereunder upon exercise of Rights will be delivered
free of restrictive legends. <FONT STYLE="letter-spacing: 0pt">Company shall, if applicable, inform Agent as soon as possible in
advance as to whether any Common Stock issued hereunder is to be issued with restrictive legend(s) and, if so, Company shall provide
the appropriate legend(s) and a list identifying the affected stockholders, certificate numbers (if applicable) and share amounts
for such affected stockholders.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties
of Subscription Agent</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall issue the Rights in accordance with this Agreement in the names of the holders of the Common Stock of record on the Record
Date, keep such records as are necessary for the purpose of recording such issuance, and furnish a copy of such records to Company.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after Agent
receives the Record Stockholders List, Agent shall:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">mail or cause to be mailed,
by first class mail, to each holder of Common Stock of record on the Record Date whose address of record is within the United States
and Canada, (i) a subscription form with respect to the Rights to which such stockholder is entitled under the Subscription Offer
(the &#8220;<B>Subscription Form</B>&#8221;), a form of which is attached hereto as Exhibit A, (ii) a copy of the Prospectus, and
(iii) a return envelope addressed to the Agent; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>At the direction of Company, mail or cause to be mailed, by courier, to each holder of Common Stock of record on the Record
Date whose address of record is outside the United States and Canada, or is an A.P.O. or F.P.O. address, a copy of the Prospectus.
Agent shall refrain from mailing Subscription Forms to any holder of Common Stock of record on the Record Date whose address of
record is outside the United States and Canada, or is an A.P.O. or F.P.O. address, and hold such Subscription Forms for the account
of such stockholder subject to such stockholder making satisfactory arrangements with the Agent for the exercise or other disposition
of the Rights described therein, and effect the exercise, sale or delivery of such Rights in accordance with the terms of this
Agreement if notice of such arrangements are received at or before 11:00 a.m., Eastern Time, on such date as mutually agreed by
the parties. In the event a request to exercise the Rights is received from such a</TD></TR></TABLE>

<br><br><br><br><br>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    3</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in">holder, Agent will consult with Company for instructions
as to the number of shares of Additional Common Stock, if any, Agent is authorized to issue.&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Upon request by Company, Agent shall mail or deliver a copy of the Prospectus (i) to each assignee or transferee of Rights
upon receiving appropriate documents satisfactory to the Agent to register the assignment or transfer thereof and (ii) with shares
of Additional Common Stock when such are issued to persons other than the registered holder of the Rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Agent shall accept Subscriptions upon the due exercise of Rights (including payment of the Subscription Price) on or prior
to the Expiration Time in accordance with the Subscription Form.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Agent shall accept Subscriptions, without further authorization or direction from the Company, without procuring supporting
legal papers or other proof of authority to sign (including without limitation proof of appointment of a fiduciary or other person
acting in a representative capacity), and without signatures of co-fiduciaries, co-representatives or any other person:</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: left">if the Right is registered in the name of a fiduciary and the Subscription Form is executed by such
fiduciary, provided the Additional Common Stock is to be issued in the name of such fiduciary;</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: left">if the Right is registered in the name of joint tenants and the Subscription Form is executed by one
of the joint tenants, provided the Additional Common Stock is to be issued in the names of such joint tenants; or</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: left">if the Right is registered in the name of a corporation and the Subscription Form is executed by a
person in a manner which appears or purports to be done in the capacity of an officer or agent thereof, provided the Additional
Common Stock is to be issued in the name of such corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Each document received by Agent relating to its duties hereunder shall be dated and time stamped when received at the applicable
address(es) as outlined on the offering documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>Agent shall, absent of specific and mutually agreed instructions from Company, follow its normal and customary procedures with
respect to the acceptance or rejection of all Subscriptions received after the Expiration Time. Subscriptions not authorized to
be accepted pursuant to this Section 3 and Subscriptions otherwise failing to comply with the terms and conditions of the Subscription
Form will be rejected and returned to the stockholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>Company shall provide an opinion of counsel and/or or a reliance letter prior to the Expiration Time to set up a reserve of
shares. Such opinion of counsel and/or reliance shall provide that all of the shares of Additional Common Stock, or the transactions
in which they are being issued, as applicable, are:</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0; width: 0.25in">(i)</TD>
    <TD STYLE="padding-left: 0; text-indent: 0">Registered, or subject to a valid exemption from registration, under the 1933 Act, and all appropriate state securities law filings
have been made with respect to the shares, <I>or alternatively</I>, that the shares are &#8220;covered securities&#8221; under
Section 18 of the 1933 Act; and</TD></TR>
</TABLE>


<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0.25in 0 1.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt">Validly issued, fully paid
and non-assessable.</FONT></TD></TR></TABLE>

<br><br><br><br><br><br><br><br><br><br><br><br>
<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    4</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceptance of
Subscriptions</U>. </B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following Agent&#8217;s
first receipt of Subscriptions, on each business day, or more frequently if reasonably requested as to major tally figures, forward
a report by email to Bruno Lavion, Director of Fund Services (the &#8220;<B>Company Representative</B>&#8221;), as to the following
information, based upon a preliminary review (and at all times subject to final determination by the Company) as of the close of
business on the preceding business day or the most recent practicable time prior to such request, as the case may be: (i) the total
number of shares of Additional Common Stock Subscribed for; (ii) the total number of Rights issued; (iii) the total number of Rights
exercised; (iv) the amount of funds received; and (v) the cumulative totals in categories (i) through (iv) above.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
promptly as possible following the Expiration Time, advise the Company Representative by email of (i) the number of shares of Additional
Common Stock Subscribed for and (ii) the number of shares of Additional Common Stock unsubscribed for.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
funds received by Computershare under this Agreement upon acceptance of a Subscription (the &#8220;<B>Funds</B>&#8221;) shall be
held by Computershare as agent for Company and deposited in one or more bank accounts to be maintained by Computershare in its
name as agent for, and for the sole benefit of, Company.&nbsp; Such amounts shall not be commingled with the assets of Computershare
or any of its other clients. Computershare may hold or invest the Funds through such accounts in: (i) bank accounts, short term
certificates of deposit, bank repurchase agreements, and disbursement accounts with commercial banks with Tier 1 capital exceeding
$1 billion or with an average rating above investment grade by Standard &amp; Poor&#8217;s Corporation (LT Local Issuer Credit
Rating), Moody&#8217;s Investors Service, Inc. (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported
by Bloomberg Finance L.P.) (ii) AAA Fixed NAV money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940,
or (iii) registered mutual funds back by obligations of, or guaranteed by, the United States of America. Company shall have no
responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare
in accordance with this paragraph, except for any losses resulting from a default by any bank, financial institution or other third
party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments.
Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.</P>

<P STYLE="font: 12pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Completion of
Subscription Offer</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of
the Subscription Offer, Agent shall, in its capacity as transfer agent for the Common Stock, issue the appropriate number of shares
of Additional Common Stock as required in order to effectuate the Subscriptions.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Rights shall be issued in registered, book-entry form only. Agent shall keep books and records of the registration, transfer and
exchange of Rights (the &#8220;<B>Rights Register</B>&#8221;).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All Rights issued upon any registration of transfer or exchange of Rights shall be the valid obligations of Company, evidencing
the same obligations and entitled to the same benefits under this Agreement as the Rights surrendered for such registration of
transfer or exchange; provided, that until such transfer or exchange is registered in the Rights Register, Company and Agent may
treat the registered holder thereof as the owner for all purposes.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as this Agreement shall be in effect, Company will reserve for issuance and keep available free from preemptive rights
a sufficient number of shares of Additional Common Stock to permit the exercise in full of all Rights issued pursuant to the Subscription
Offer.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<br><br><br><br><br><br>
<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    5</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Company shall take any and all action, including, without limitation, obtaining the authorization, consent, lack of objection,
registration or approval of any governmental authority, or the taking of any other action under the laws of the United States of
America or any political subdivision thereof, to insure that all shares of Additional Common Stock issuable upon the exercise of
the Rights (subject to payment of the Subscription Price) will be duly and validly issued and fully paid and non-assessable shares
of Common Stock, free from all preemptive rights and taxes, liens, charges and security interests created by or imposed upon Company
with respect thereto.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company
shall from time to time take all action necessary or appropriate to obtain and keep effective all registrations, permits, consents
and approvals of the Securities and Exchange Commission and any other governmental agency or authority and make such filings under
Federal and state laws which may be necessary or appropriate in connection with the issuance, sale, transfer and delivery of Rights
or Additional Common Stock issued upon exercise of Rights.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Discrepancies</U>.</B> Agent shall follow its regular procedures to attempt to reconcile any discrepancies between the number
of shares of Additional Common Stock that any Subscription Form may indicate are to be issued to a stockholder upon exercise of
its Rights and the number that the Record Stockholders List indicates may be issued to such stockholder. In any instance where
Agent cannot reconcile such discrepancies by following such procedures, Agent will consult with Company for instructions as to
the number of shares of Additional Common Stock, if any, Agent is authorized to issue. In the absence of such instructions, Agent
is authorized not to issue any shares of Additional Common Stock to such stockholder and will return to the subscribing stockholder
(at Agent&#8217;s option by either first class mail under a blanket surety bond or insurance protecting Agent and Company from
losses or liabilities arising out of the non-receipt or non-delivery of the Subscription Form or by registered mail insured separately
for the value of the applicable Rights) to such stockholder&#8217;s address as set forth in the Subscription Form, any Subscription
Form delivered to Agent, any other documents delivered therewith and a letter explaining the reason for the return of such documents.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Deficient Items</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent shall examine
the Subscription Forms received by it in such capacity to ascertain whether they appear to have been completed and executed in
accordance with the terms and conditions of the Subscription Offer. In the event Agent determines that any Subscription Form does
not appear to have been properly completed or executed, or to be in proper form, or any other deficiency in connection with the
Subscription Form appears to exist, Agent shall follow, where possible, its regular procedures to attempt to cause such irregularity
to be corrected. Agent is not authorized to waive any deficiency in connection with the Subscription, unless Company provides written
authorization to waive such deficiency.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Subscription Form
specifies that shares of Additional Common Stock are to be issued to a person other than the person in whose name a surrendered
Right is registered, Agent will not issue such shares until such Subscription Form has been properly endorsed with the signature
guaranteed in a manner acceptable to Agent (or otherwise put in proper form for transfer).</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any such deficiency
is neither corrected nor waived, Agent will return to the subscribing stockholder (at Agent&#8217;s option by either first class
mail under a blanket surety bond or insurance protecting Agent and Company from losses or liabilities arising out of the non-receipt
or non-delivery of the Subscription Form or by registered mail insured separately for the value of the applicable Rights) to such
stockholder&#8217;s address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other documents
delivered therewith and a letter explaining the reason for the return of such documents.</P>

<br><br><br><br><br><br><br>
<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    6</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Tax Reporting</U></B><U>.</U></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent shall prepare
and file with the appropriate governmental agency and mail to each stockholder, as applicable, all appropriate tax information
forms, including but not limited to Forms 1099-B, covering payments or any other distributions made by Agent pursuant to this Agreement
during each calendar year, or any portion thereof, during which Agent performs services hereunder, as described in the Tax Instruction/Cost
Basis Information Letter attached hereto as Exhibit B. Any cost basis or tax adjustments required after the Effective Time will
incur additional fees.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">8.2 With respect to
any surrendering stockholder whose TIN has not been certified as correct, Agent shall deduct and withhold the appropriate backup
withholding tax from any payment made to such stockholder pursuant to the Internal Revenue Code.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -1.4in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should any issue arise
regarding federal income tax reporting or withholding, Agent shall take such reasonable action as Company may reasonably request
in writing. Such action may be subject to additional fees.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorizations
and Protections</U>.</B></P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">As agent for Company hereunder, Agent:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by
Agent and Company;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
have no obligation to deliver Additional Common Stock unless Company shall have provided a sufficient number of shares of Additional
Common Stock to satisfy the exercise of Rights by holders as set forth hereunder;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of any certificates, if applicable, or the Rights represented thereby surrendered hereunder or Additional Common Stock issued in
exchange therefor, and will not be required to or be responsible for and will make no representations as to, the validity, sufficiency,
value or genuineness of the Subscription Offer;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
not be obligated to take any legal action hereunder; if, however, Agent determines to take any legal action hereunder, and where
the taking of such action might, in Agent&#8217;s judgment, subject or expose it to any expense or liability, Agent shall not be
required to act unless it shall have been furnished with an indemnity satisfactory to it;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to Agent and believed by Agent in good
faith to be genuine and to have been signed by properly authorized representatives of the relevant party or parties;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
not be liable or responsible for any recital or statement contained in the Subscription Offer or any other documents relating thereto;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
not be liable or responsible for any failure of Company or any other party to comply with any of its covenants and obligations
relating to the Subscription Offer, including, without limitation, obligations under applicable securities laws;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<br><br><br><br>
<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    7</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
not be liable to any holder of Rights for any Additional Common Stock or dividends thereon or, if applicable, and any related unclaimed
property that has been delivered to a public official pursuant to applicable abandoned property law;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May,
from time to time, rely on instructions provided by Company concerning the services provided hereunder. Further, Agent may apply
to any officer or other authorized person of Company for instruction, and may consult with legal counsel for Agent or Company with
respect to any matter arising in connection with the services provided hereunder. Agent and its agents and subcontractors shall
not be liable and shall be indemnified by Company under Section 11.2 of this Agreement for any action taken or omitted by Agent
in reliance upon any Company instructions or upon the written advice or opinion of counsel for Company. Agent shall not be held
to have notice of any change of authority of any person, until receipt of written notice thereof from Company;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">9.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May rely on and be
fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an &#8220;eligible guarantor institution&#8221;
that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable &#8220;signature guarantee
program&#8221; or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any
interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">9.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either
in connection with, or independent of the instruction term in Section 9.9 above, Agent may consult counsel satisfactory to Agent
(including internal counsel), and the advice of such counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by Agent hereunder in good faithand in reliance upon the advice of such counsel, except
for any liability of Agent as set forth in Section 11.1 hereof;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">9.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]; and</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">9.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Is not authorized,
and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Representations,
Warranties and Covenants</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">10.1
<U>Agent</U>. Agent represents and warrants to Company that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0pt">(a)</FONT></TD><TD><FONT STYLE="letter-spacing: 0pt"><U>Governance.</U> Trust Company is a federally chartered trust company duly organized, validly
existing, and in good standing under the laws of the United States and Computershare is a corporation duly organized, validly existing,
and in good standing under the laws of the State of Delaware and each has full power, authority and legal right to execute, deliver
and perform this Agreement; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: left; text-indent: -0.25in"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0pt">(b)</FONT></TD><TD><FONT STYLE="letter-spacing: 0pt"><U>Compliance with Laws.</U> The execution, delivery and performance of this Agreement by
Agent has been duly authorized by all necessary action, constitutes the legal, valid and binding obligation of Agent enforceable
against Agent in accordance with its terms, will not require the consent of any third party that has not been given, and will not
violate, conflict with or result in the breach of any material term, condition or provision of (A) any existing law, ordinance,
or governmental rule or regulation to which Agent is subject, (B) any judgment, order, writ, injunction, decree or award of any
court, arbitrator or governmental or regulatory official, body or authority applicable to Agent, (C) Agent&#8217;s incorporation
documents or by-laws, or (D) any material agreement to which Agent is a party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">10.2
<U>Company</U><FONT STYLE="text-transform: uppercase">. </FONT>Company represents and warrants to Agent that:</FONT></P>

<br><br><br><br><br><br><br><br><br><br><br>
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    8</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0pt">(a)</FONT></TD><TD><FONT STYLE="letter-spacing: 0pt"><U>Governance.</U> It is a corporation duly organized, validly existing and in good standing
under the laws of the State of Maryland, and it has full power, authority and legal right to enter into and perform this Agreement;
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: left; text-indent: -0.25in"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0pt">(b)</FONT></TD><TD><FONT STYLE="letter-spacing: 0pt"><U>Compliance with Laws.</U> The execution, delivery and performance of this Agreement by
Company has been duly authorized by all necessary action, constitutes the legal, valid and binding obligation of Company enforceable
against Company in accordance with its terms, will not require the consent of any third party that has not been given, and will
not violate, conflict with or result in the breach of any material term, condition or provision of (A) any existing law, ordinance,
or governmental rule or regulation to which Company is subject, (B) any judgment, order, writ, injunction, decree or award of any
court, arbitrator or governmental or regulatory official, body or authority applicable to Company, (C) Company&#8217;s incorporation
documents or by-laws, (D) any material agreement to which Company is a party, or (E) any applicable stock exchange rules; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: left; text-indent: -0.25in"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0pt">(c)</FONT></TD><TD><FONT STYLE="letter-spacing: 0pt"><U>Securities Laws.</U> A Registration Statement on Form N-2 under the 1933 Act and </FONT>the
1940 Act <FONT STYLE="letter-spacing: 0pt">has been filed and is currently effective, or will be effective prior to the sale of
any Additional Common Stock, and will remain so effective, and all appropriate state securities law filings have been made with
respect to all Additional Common Stock being offered for sale except for any shares of Additional Common Stock which are offered
in a transaction or series of transactions which are exempt from the registration requirements of the 1933 Act and state securities
laws; Company will immediately notify Agent of any information to the contrary; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: left; text-indent: -0.25in"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: 0pt">(d)</FONT></TD><TD><FONT STYLE="letter-spacing: 0pt"><U>Shares.</U></FONT> The <FONT STYLE="letter-spacing: 0pt">Common Stock</FONT> issued and
outstanding on the date hereof have been duly authorized, validly issued and are fully paid and are non-assessable; and any <FONT STYLE="letter-spacing: 0pt">Additional
Common Stock</FONT> to be issued hereafter, when issued, shall have been duly authorized, validly issued and fully paid and will
be non-assessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
and Limitation of Liability</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liability</U>.
Agent shall only be liable for any loss or damage determined by a court of competent jurisdiction to be a result of Agent&#8217;s
gross negligence or willful misconduct; provided that any liability of Agent will be limited in the aggregate to the amounts paid
hereunder by Company to Agent as fees and charges, but not including reimbursable expenses.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
Company shall indemnify and hold Agent harmless from and against, and Agent shall not be responsible for, any and all losses, claims,
damages, costs, charges, counsel fees and expenses, payments, expenses and liability (collectively, &#8220;<B>Losses</B>&#8221;)
arising out of or attributable to </FONT>Agent&#8217;s duties under this Agreement or this appointment, including the reasonable
costs and expenses of defending itself against any Loss or enforcing this Agreement, except for any liability of Agent as set forth
in Section 11.1 above.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notice</U>.&nbsp; In order that the indemnification provisions contained in this Section 11 shall apply, upon the assertion
of a claim for which one party may be required to indemnify the other, the party seeking indemnification shall promptly notify
the other party of such assertion in writing after it becomes aware, and shall keep the other party advised with respect to all
developments concerning such claim; provided, that failure to give prompt notice shall not relieve the indemnifying party of any
liability to the indemnified party, except to the extent that the indemnifying party demonstrates that the defense of such action
has been materially prejudiced by the indemnified party&#8217;s failure to timely give such notice.&nbsp; The indemnifying party
shall have the option to participate with the indemnified party in the defense of such claim or to defend against said claim in
its own name or the name of the indemnified party.&nbsp; The indemnified party shall in no case confess any claim or make any compromise
in any case in</P>

<br><br><br><br>
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    9</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left">which the indemnifying party may be required
to indemnify it except with the indemnifying party&#8217;s prior written consent, which shall not be unreasonably withheld or delayed.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Damages</U></B>. <FONT STYLE="letter-spacing: 0pt">Notwithstanding
anything in this Agreement to the contrary, neither party shall be liable to the other for any incidental, indirect, special or
consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by a breach
of any provision of this Agreement even if apprised of the possibility of such damages.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B><BR>
13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">13.1 <U>Definition</U>.&nbsp; &#8220;<B>Confidential Information</B>&#8221;
shall mean any and all technical or business information relating to a party, including, without limitation, financial, marketing
and product development information, stockholder data (including any non-public information of such stockholder), proprietary information,
and the terms and conditions (but not the existence) of this Agreement, that is disclosed or otherwise becomes known to the other
party or its affiliates, agents or representatives before or during the term of this Agreement.&nbsp; Confidential Information
constitutes trade secrets and is of great value to the owner (or its affiliates).&nbsp; Confidential Information shall not include
any information that is: (a) already known to the other party or its affiliates at the time of the disclosure; (b) publicly known
at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently
disclosed to the other party or its affiliates on a non-confidential basis by a third party not having a confidential relationship
with the owner and which rightfully acquired such information; or (d) independently developed by one party without access to the
Confidential Information of the other.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><U>13.2 Use and Disclosure</U>. All Confidential Information of
a party will be held in confidence by the other party with at least the same degree of care as such party protects its own confidential
or proprietary information of like kind and import, but not less than a reasonable degree of care. Neither party will disclose
in any manner Confidential Information of the other party in any form to any person or entity without the other party's prior consent.
However, each party may disclose relevant aspects of the other party's Confidential Information to its officers, affiliates, agents,
subcontractors and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement and
such disclosure is not prohibited by applicable law. Without limiting the foregoing, each party will implement physical and other
security measures and controls designed to protect (a)&nbsp;the security and confidentiality of Confidential Information; (b)&nbsp;against
any threats or hazards to the security and integrity of Confidential Information; and (c)&nbsp;against any unauthorized access
to or use of Confidential Information. To the extent that a party delegates any duties and responsibilities under this Agreement
to an agent or other subcontractor, the party ensures that such agent and subcontractor are contractually subject to confidentiality
obligations that are substantially similar to those set forth in this Section 13.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">13.3
<U>Required or Permitted Disclosure</U>. In the event that any requests or demands are made for the disclosure of Confidential
Information, other than requests to Agent for stockholder records pursuant to standard subpoenas from state or federal government
authorities (<I>e.g.</I>, divorce and criminal actions), the party receiving such request will promptly notify the other party
to secure instructions from an authorized officer of such party as to such request and to enable the other party the opportunity
to obtain a protective order or other confidential treatment, unless such notification is otherwise prohibited by law or court
order. Each party expressly reserves the right, however, to disclose Confidential Information to any person if required by law
or court order. </FONT></P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt"><BR>
<BR>
</FONT></P>

<br><br><br><br><br><br><br><br><br><br>
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    10</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">13.4 <U>Unauthorized Disclosure</U>.
As may be required by law and without limiting any party's rights in respect of a breach of this Section 13, each party will promptly:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">notify
the other party in writing of any unauthorized possession, use or disclosure of the other party's Confidential Information by any
person or entity that may become known to such party;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">furnish
to the other party full details of the unauthorized possession, use or disclosure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">use
commercially reasonable efforts to prevent a recurrence of any such unauthorized possession, use or disclosure of Confidential
Information.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">13.5 <U>Costs</U>. Each party will bear the costs it incurs as a
result of compliance with this Section 13.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
and Expenses</U>.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company shall pay
to Agent compensation in accordance with the fee schedule attached as Exhibit C hereto, together with reimbursement for reasonable
fees and disbursements of counsel, regardless of whether any Rights are surrendered to Agent, for Agent&#8217;s services hereunder.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company shall be charged
for certain expenses advanced or incurred by Agent in connection with Agent&#8217;s performance of its duties hereunder. Such charges
include, but are not limited to, stationery and supplies, such as checks, envelopes and paper stock, as well as any disbursements
for telephone and document creation and delivery. While Agent endeavors to maintain such charges (both internal and external) at
competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal
processing and use of Agent&#8217;s billing systems.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any out-of-proof
condition caused by Company or any of its prior agents arises during any terms of this Agreement, Company will, promptly upon Agent&#8217;s
request, provide Agent with funds or shares sufficient to resolve the out-of-proof condition.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts owed to
Agent hereunder are due within thirty (30) days of the invoice date. Delinquent payments that are not subject to a good faith dispute
are subject to a late payment charge of one and one half percent (1.5%) per month commencing forty-five (45) days from the invoice
date. The Company agrees to reimburse Agent for any reasonable attorney&#8217;s fees and any other costs associated with collecting
delinquent payments that are not subject to a good faith dispute.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this
Agreement shall require Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of
any of its duties or in the exercise of its rights hereunder.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise
set forth below in this Section 14.6, Company is responsible for all taxes, levies, duties, and assessments levied on services
purchased under this Agreement (collectively, &#8220;<B>Transaction Taxes</B>&#8221;).&nbsp; Computershare is responsible for collecting
and remitting Transaction Taxes in all jurisdictions in which Computershare is registered to collect such Transaction Taxes.&nbsp;
Computershare shall invoice Company for such Transaction Taxes that Computershare is obligated to collect upon the furnishing of
services provided hereunder.&nbsp; Company shall pay such Transaction Taxes in accordance with the terms applicable to the payment
of fees and expenses set forth in Section 14.1, above.&nbsp; Computershare shall timely remit to the appropriate governmental authorities
all such Transaction Taxes that Computershare collects from Company.&nbsp; To the extent that Company provides Computershare with
valid exemption certificates, direct pay permits, or other documentation that exempts Computershare from collecting Transaction
Taxes from Company, invoices issued for services hereunder provided after Computershare&#8217;s receipt of such certificates, permits,
or other documentation will not reflect exempted Transaction Taxes. &nbsp;Computershare is solely responsible for the payment of
all personal property taxes, franchise taxes, corporate excise or privilege taxes, property or license taxes,</P>

<br><br><br><br>
<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    11</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">taxes relating to Computershare&#8217;s personnel, and taxes based
on Computershare&#8217;s net income or gross revenues relating to services provided hereunder.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
</B>Either party may terminate this Agreement upon thirty (30) day&#8217;s prior written notice to the other party. Unless so terminated,
this Agreement shall continue in effect until ninety (90) days following the Expiration Time. In the event of such early termination,
Company will appoint a successor agent and inform Agent of the name and address of any successor agent so appointed, provided,
that no failure by Company to appoint such a successor agent shall affect the termination of this Agreement or the discharge of
Agent as agent hereunder. Upon the effectiveness of any such termination, Agent shall be relieved and discharged of any further
responsibilities with respect to its duties hereunder. Upon payment of all outstanding fees and expenses hereunder, Agent shall
promptly forward to Company or its designee any Subscription Forms or other documents relating to the Subscription Offer that Agent
may receive after its appointment has so terminated.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0pt"><B><U>Assignment</U>.</B>
Neither this Agreement nor any rights or obligations hereunder may be assigned by Company or Agent without the written consent
of the other; provided, however, that Agent may, without further consent of Company, assign any of its rights and obligations hereunder
to any affiliated agent registered under Rule 17Ac2-1 promulgated under the 1934 Act. Any attempted assignment of this Agreement
or any of the rights or obligations hereunder in contravention of this Section 16 shall be null and void and of no force or effect.</FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>17.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt; letter-spacing: 0pt"><U>Subcontractors
and Unaffiliated Third Parties</U><I>. </I></FONT></B></P>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subcontractors</U>.
Agent may, without further consent of Company, subcontract with (a) any affiliates, or (b) unaffiliated subcontractors for such
services as may be required from time to time (e.g. lost stockholder searches, escheatment, telephone and mailing services); provided,
however, that Agent shall be as fully responsible to Company for the acts and omissions of any subcontractor as it is for its own
acts and omissions.</FONT></P>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unaffiliated
Third Parties</U>. Nothing herein shall impose any duty upon Agent in connection with or make Agent liable for the actions or omissions
to act of unaffiliated third parties (other than subcontractors referenced in Section 17.1 of this Agreement) such as, by way of
example and not limitation, airborne services, delivery services, the U.S. mails, and telecommunication companies, provided, if
Agent selected such company, Agent exercised due care in selecting the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U></B>.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All
notices, demands and other communications given pursuant to the terms and provisions hereof shall be in writing, shall be deemed
effective on the date of receipt, and may be sent by overnight delivery services, or by certified or registered mail, return receipt
requested to:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 25%">If to Company:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 75%">Director of Fund Services (Bruno Lavion; bruno@roycefunds.com)</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 25%">with an additional copy to:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 75%">General Counsel (John E. Denneen; jdenneen@roycefunds.com)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Royce Value Trust, Inc.</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">745 Fifth Avenue</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">New York, New York 10151</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Invoice for fees and services (if different than above):</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">745 Fifth Avenue</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">New York, New York 10151</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Attn.: Assistant Treasurer (Mary Macchia; mary@roycefunds.com)</P>

<br><br><br><br>
<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    12</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">If to Agent:</TD>
    <TD STYLE="text-indent: 0.25in; width: 50%">with an additional copy to:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Computershare Inc.</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">480 Washington Blvd, 29th Floor</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Jersey City, NJ 07310</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Attn: Corp Actions Relationship Manager</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 0">
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">Computershare Inc.</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">250 Royall Street</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">Canton, MA 02021</P>
        <P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">Attn: Legal Department</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Or</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Computershare Inc.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">250 Royall Street</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Canton, MA 02021</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">Attn: Corp Actions Relationship
Manager<BR>
<BR>
</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Expenditure of Funds</U>. No provision of this Agreement shall require Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if it shall believe
in good faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured
to it.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Publicity</U>.
Neither party shall issue a news release, public announcement, advertisement, or other form of publicity concerning the existence
of this Agreement or the Services to be provided hereunder without obtaining the prior written approval of the other party, which
may be withheld in the other party&#8217;s sole discretion; provided that Agent may use Company&#8217;s name in its customer lists
or otherwise as required by law or regulation; and provided, further, that Company may refer to Agent as Company&#8217;s subscription
agent, including in correspondence with stockholders, any provide any related information in filings under the 1933, 1934, and
1940 Acts and on Company&#8217;s website or otherwise as required by applicable law, rule, or regulation or as requested by any
regulatory authority or agency.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors</U>.
All the covenants and provisions of this Agreement by or for the benefit of Company or Agent shall bind and inure to the benefit
of their respective successors and assigns hereunder.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
This Agreement may be amended or modified by a written amendment executed by the parties hereto and, to the extent required, authorized
by a resolution of the Board of Directors of Company.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, illegal, void, or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law; Jurisdiction</U>. This Agreement shall be governed by the laws of the State of New York, without regard to principles of conflicts
of law. The parties irrevocably (a) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City
or the United States District Court for the Southern District of New York in any action or proceeding arising out of or relating
to this Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper
venue or lack of jurisdiction to the maintenance of any such action or proceeding, and (c) waive all right to trial by jury in
any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby. Agent shall not be
required hereunder to comply with the laws or regulations of any country other than the United States of America or any political
subdivision thereof. Agent may consult with foreign counsel, at Company&#8217;s expense, to resolve any foreign law issues that
may arise as a result of Company or any other party being subject to the laws or regulations of any foreign jurisdiction.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<br><br><br><br>
<!-- Field: Page; Sequence: 13 -->
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    13</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Force
Majeure</U>. Notwithstanding anything to the contrary contained herein, Agent shall not be liable for any delays or failures in
performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage
of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures
or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
Party Beneficiaries</U>. The provisions of this Agreement are intended to benefit only Agent, Company and their respective permitted
successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third party
beneficiaries hereof.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.
All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality
and protection of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.<BR>
<BR>
18.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Priorities</U>. In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained
in (a) this Agreement, (b) any exhibits, schedules or attachments hereto, and (c) the Subscription Offer, the terms and conditions
contained in this Agreement shall take precedence.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><BR>
18.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger of Agreement</U>. This Agreement constitutes the entire agreement and
understanding between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof, whether
oral or written.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Strict Construction</U>. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
all parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in">18.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Descriptive
Headings</U>. Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions hereof.</P>

<P STYLE="font: 10pt/normal Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.9in">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">18.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement
transmitted electronically shall have the same authority, effect, and enforceability as an original signature.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><BR>
<BR>
</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">[The remainder of this page has been intentionally
left blank. Signature page follows.]</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<br><br><br><br><br><br><br><br><br><br><br><br><br><br>
<!-- Field: Page; Sequence: 14 -->
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    14</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>IN WITNESS WHEREOF,</B> the parties hereto have executed this
Agreement by their duly authorized officers as of the Effective Date hereof.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Royce Value Trust, Inc.
</B></FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Peter K.
Hoglund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter K. Hoglund</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>COMPUTERSHARE INC. and</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>COMPUTERSHARE TRUST COMPANY, N.A.</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>For both entities</I></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;/s/ Neda
Sheridan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Name:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neda Sheridan</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Title:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Manager</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Exhibit A&#9;Form of Subscription Form</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Exhibit B &#9;Tax Instruction and Cost Basis Information Letter</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Exhibit C&#9;Schedule of Fees</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">FORM OF SUBSCRIPTION FORM</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    16</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit
B </B></FONT></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">Tax Reporting Instructions</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>Pursuant to the Emergency Economic Stabilization Act of 2008,
financial intermediaries such as Computershare must report cost basis for certain types of securities acquired after January 1,
2011 to both security holders and the IRS. In preparation for the year-end tax reporting to be performed by Computershare under
our service agreement for the corporate actions event described in Section 1 of this agreement, please (a) complete the below Tax
and Cost Basis package and (b) provide us with the pertinent issuer statement (i.e., hard copy or website link requested in Section
3 below) as required of issuers under Internal Revenue Code Section 6045B and the underlying Treasury regulations.</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>In the event that you have not yet produced the issuer statement,
kindly provide us with the requisite information at your earliest convenience when completed. You may find it helpful to refer
to the below link on the IRS website for some background information regarding the issuer&#8217;s obligation to produce the issuer
statement. </I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><u>http://www.irs.gov/uac/Form-8937,-Report-of-Organizational-Actions-Affecting-Basis-of-Securities</u></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>Please review, complete, execute and return the below Tax Letter
and either the Cost Basis word document or the Form 8937, attached documents via e-mail. By requesting cost basis information,
Computershare has fulfilled its regulatory obligation. Failure to provide correct basis information may result in a liability to
you as an issuer, but if we can provide additional details, please feel free to call upon us. </I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>Additional information may be required based on the completion
of the information provided below. </I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Year End Tax Reporting Package</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Section 1 &#8211; Client Information</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><BR>
Computershare cannot provide tax advice for purposes of completing this worksheet. Please consult your tax counsel to determine
your respective tax reporting requirements. <I>Please note residents or holders that are uncertified, and reside in the state of
CA will be withheld an additional 7% which will be remitted to the state of CA.</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Client Name: _________________________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Tax ID/EIN: __________________________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Issue Description/Type: SHARES OF COMMON STOCK ISSUED UPON EXERCISE
OF NON-TRANSFERABLE RIGHTS TO SUBSCRIBE FOR SUCH SHARES OF COMMON STOCK</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">CUSIP Number(s): 780910105</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Will you require Computershare to perform tax reporting services
for this transaction?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&#9744;&#8193;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&#8193;No***</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><U>***If you mark the above box &#8220;No&#8221;, an explanation
of how the proceeds will be tax reported is required. Please provide this explanation in Section 4 where it indicates &#8220;Is
any additional reporting/non reporting required (specify below)?&#8221;</U></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<br><br><br><br>
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    17</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Section 2 &#8211; Type(s) of Reporting</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>2.A &#8211; Fair Market Value reporting</U></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If
2.A is not applicable, please check here and move to 2.B&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Will you require Computershare to perform Fair Market Value tax
reporting for any shares issuable pursuant to our services for this transaction?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If yes, at what rate per share $_____________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Will
proceeds be reported on Form 1099-B?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If not, please indicate on what form(s) it should be reported: ______________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Fair market value reporting is performed on a constructive receipt
basis. Cash proceeds received in addition to share consideration (such as principal payment and/or cash in lieu of fractional share)
would also be reported on a constructive receipt basis.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Are the shares subject to backup withholding? (Uncertified accounts
would be subject to a lowered share amount upon exchange due to withholding of shares to satisfy remittance to the IRS):</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">=If yes, Computershare is hereby authorized by the issuer to sell
the appropriate number of shares from each stockholder&#8217;s share entitlement to cover all applicable tax withholding obligation.
Withholding obligation is due on effective date.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Will all newly issued shares have the FMV rate as their Cost Basis
OR will we maintain the original Cost Basis of the shares?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Effective
Date Cost Basis&#8193;&#9744;&#8193;&#8193;Original Basis&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>2.B &#8211; Principal payment / cash in
lieu of fractional shares</U></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If
2.B is not applicable, please check here and move to 2.C&#8193;&#9744;</P>

<P STYLE="font: 4pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Will you require Computershare to perform 1099-B tax reporting services
for cash issued pursuant to this transaction?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If yes, please indicate further instructions below:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">
Constructive Receipt reporting&#8193;&#9744;&#8193;&#8193;Non Constructive Receipt reporting&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Was there a cash in lieu payment for fractional shares made to holders?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    18</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If
yes, will it be reported on Form 1099-B?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If not, please indicate on what form(s) it should be reported: ______________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If reporting is required, please indicate further instructions below:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">
Constructive Receipt reporting&#8193;&#9744;&#8193;&#8193;Non Constructive Receipt reporting&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Stockholder accounts without certified TIN, EIN or foreign status
will be subject to tax backup withholding at applicable tax withholding in accordance with IRS rules and regulations.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>2.C &#8211; Dividend Reporting (including
accrued dividends for unexchanged accounts) </U></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If
2.C is not applicable, please check here and move to 2.D&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Will you require Computershare to perform 1099-DIV/1042-S tax reporting
services for this transaction?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</P>
<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If yes, when are they taxable to the holder?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">
Constructive Receipt reporting&#8193;&#9744;&#8193;&#8193;Non Constructive Receipt reporting&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If you require 1099-DIV/1042-S reporting (other than accrued and
unpaid dividends as outlined below), please provide specific details below so additional instructions can be requested as necessary.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________<BR>
<BR>
</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Are dividends to accrue on the shares issuable to unexchanged holders?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If you require 1099-DIV/1042-S reporting on any future accrued dividend
that may be paid after the effective date of the transaction, then please indicate if the accrued dividend payment will be Constructive
Receipt or Non-Constructive Receipt below. (Please note, unless otherwise indicated, accrued dividends will be reported on a Non-Constructive
Receipt basis.):</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Constructive
Receipt reporting&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non Constructive Receipt reporting&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Withholding Tax:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 40%">Is IRS backup withholding required?&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 40%">Is IRS Non-Resident withholding required</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>2.D &#8211; Additional reporting</U></B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If
2.D is not applicable, please check here and move to Section3&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Does any of the following reporting need to be performed by Computershare?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">1099-INT&#8193;&#9744;&#8193;&nbsp;&nbsp;1099-OID&#8193;&#9744;&#8193;&nbsp;&nbsp;1099-MISC&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#9;</P>

<br><br><br>
<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    19</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If you selected 1099-INT, 1099-OID or 1099-MISC above, please complete
the below. Specify which box on the Form should be used for reportable amounts:</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Reporting Box for 1099-INT: ______________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Reporting Box for 1099-OID: _____________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Reporting Box for 1099-MISC: ____________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">
Constructive Receipt reporting&#8193;&#9744;&#8193;&#8193;Non Constructive Receipt reporting&#8193;&#9744;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Section 3 &#8211; Cost Basis </B></P>

<P STYLE="font: 10pt/13pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 10pt">Please provide a copy of the Issuer Statement (IRS Form
8937) or link to where the Tax &amp; Cost Basis information can be found. If you are unable to provide the link or information
pertaining to the Issuer Statement, you must answer the questions below.</P>

<P STYLE="font: 10pt/13pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 10pt">What are the Tax &amp; Cost Basis implications due to
this Corporate Action? Please include the details of any calculation that needs to be applied to existing cost basis.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Response: The basis of the common stock
issued in the rights offering will equal the subscription price paid for such common stock. The subscription <FONT STYLE="letter-spacing: -0.05pt">price
for</FONT> <FONT STYLE="letter-spacing: -0.25pt">such </FONT><FONT STYLE="letter-spacing: -0.05pt">common</FONT> stock will be
the lower <FONT STYLE="letter-spacing: -0.05pt">of: (i) </FONT>$0.25 below the last reported sale price per <FONT STYLE="letter-spacing: -0.05pt">share</FONT>
on the New York Stock Exchange on the first business day after the <FONT STYLE="letter-spacing: -0.05pt">expiration</FONT> date
of the Offer (the &#8220;Pricing <FONT STYLE="letter-spacing: -0.05pt">Date&#8221;)</FONT> or (ii) the <FONT STYLE="letter-spacing: -0.2pt">net
asset value </FONT>per share on the Pricing <FONT STYLE="letter-spacing: -0.05pt">Date.</FONT></U></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Section 4 &#8211; Additional Information</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Did any of the following corporate changes occur during the same
year in which this corporate action took place?&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Tahoma, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 30%">a) Name Change?</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 45%">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">b) Tax Id Number Change?</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">c) CUSIP Number Change?</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">d) Cash Liquidating Distribution</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">e) Non-Cash Liquidating Distribution </TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">f) Sale of Rights payment</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">Yes&#8193;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&#8193;&#9744;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Is any additional reporting/non reporting required (specify below)?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________<BR>
<BR>
</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">Is any additional withholding required (specify below)?</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________<BR>
<BR>
</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">______________________________________________________________________________</P>

<br><br><br>
<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    20</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">If Computershare does not receive the completed tax letter by the
expiration of the offer /effective date of the exchange, we will report taxes on our system using our standard, default tax terms
&#8211; which would be for the year the holder exchanges and is paid (Non-Constructive Receipt) for principal, cash-in-lieu and
dividends with no Fair Market Value (FMV) reporting on shares. In the event that the tax letter is provided after the job calculation
has been run on our system with tax reporting requirements other than our standard, default tax terms, Computershare will charge
applicable fees to cover any programming charges to update the tax parameters.</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I><U>Computershare will perform form suppression on de minimis
reporting for the following: on 1099-B tax forms less than $20 in principal income if no withholding; 1099-DIV tax forms less than
$10 in dividend income if no withholding.</U></I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0"><I><U>Computershare will not be liable for any IRS penalties resulting
from any changes to the instructions that will alter our initial tax reporting instructions.</U></I></P>

<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="4" CELLSPACING="2" STYLE="width: 100%; border-top: Black 2pt solid"><TR><TD STYLE="width: 80%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Exhibit
                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    21</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="computershare2.jpg" ALT="Logo_Computershare_purple" STYLE="height: 53px; width: 287px"></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>EXHIBIT C</U></P>

<P STYLE="font: 6pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center">SCHEDULE OF FEES</P>

<P STYLE="font: 12pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>COMPUTERSHARE TRUST COMPANY, N.A.</B></P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SUBSCRIPTION AGENT FEE SCHEDULE FOR</B></P>

<P STYLE="font: 11pt Tahoma, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Royce
Value Trust, Inc.</B></FONT><B> RIGHTS OFFERING</B></P>
<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
<!-- Field: Page; Sequence: 22 -->
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                                         (k)(6)-Subscription Agent Agreement (3.14.18)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Page
    22</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<DOCUMENT>
<TYPE>EX-99.K7
<SEQUENCE>5
<FILENAME>ex99-k7.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<div align="right"><img src="e52372_geor.jpg"></div>
<div align="right"><font face="Arial" size="2"><b>Georgeson LLC</b><br>1290 Avenue of the Americas, 9th Floor<br>New York, NY
 10104<br>www.georgeson.com</font></div><P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">March 7, 2018</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">745 Fifth Avenue</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">New York, NY 10151</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 1in">Re: <U>Information Agent</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Letter of Agreement, including the Appendix
attached hereto (collectively, this &#8220;Agreement&#8221;), sets forth the terms and conditions of the engagement of Georgeson
LLC (&#8220;Georgeson&#8221;) by Royce Value Trust, Inc. (the &#8220;Company&#8221;) to act as Information Agent in connection
with the Company&#8217;s Rights offer (the &#8220;Offer&#8221;). The term of this Agreement shall be the term of the Offer, including
any extensions thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Services.</I> Georgeson shall perform
the services described in the Fees &amp; Services Schedule attached hereto as Appendix I (such services, collectively, the &#8220;Services&#8221;).
In rendering the Services, Georgeson shall not, however, make any representations, oral or written, to any stockholders or prospective
stockholders of the Company that are not contained in the Company&#8217;s written materials related to the Offer, unless previously
authorized to do so in writing by an authorized representative of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Fees.</I> In consideration of Georgeson&#8217;s
performance of the Services, the Company shall pay Georgeson the amounts set forth on the Fees &amp; Services Schedule attached
hereto as Appendix I in accordance with the terms set forth therein. The Company acknowledges and agrees that the Fees &amp; Services
Schedule shall be subject to adjustment if the Company requests Georgeson to provide services with respect to additional matters
or a revised scope of work.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Expenses.</I> In addition to the fees
and charges described in paragraphs (b) and (d) hereof, Georgeson shall charge the Company, and the Company shall be solely responsible,
for the following costs and expenses (collectively, the &#8220;Expenses&#8221;):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Times">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">costs and expenses incidental to the Offer,
including, without limitation, the mailing or delivery of Offer materials;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Times">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">costs and expenses relating to Georgeson&#8217;s
work with its agents or other parties involved in the Offer, including, without limitation, charges for bank threshold lists, data
processing, market information, institutional advisory reports, telephone directory assistance, facsimile transmissions or other
forms of electronic communication;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Times">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">costs and expenses incurred by Georgeson
at the Company&#8217;s request or for the Company&#8217;s convenience, including, without limitation, for copying, printing of
additional and/or supplemental material and travel by Georgeson&#8217;s personnel; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Times">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any other costs and expenses authorized
by the Company during the course of the Offer, including, without limitation, those relating to advertising (including production
and posting), media relations and analytical services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<p align="right"><img src="e52372_geor.jpg"></p>

<p><FONT STYLE="font: normal 8pt Arial">Royce Value Trust, Inc.<br>March 7, 2018
<br>Page 2</font></p>

<p align="right">&nbsp;</p>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">The Company shall pay all applicable
taxes incurred in connection with the delivery of the Services or Expenses, but not including taxes relating to Georgeson&#8217;s
personnel, and taxes based on Georgeson&#8217;s net income or gross revenues relating to services provided hereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Custodial Charges.</I> Georgeson agrees
to check, itemize and pay on the Company&#8217;s behalf the charges of brokers and banks, with the exception of Broadridge Financial
Solutions, Inc. (which will bill the Company directly), for forwarding the Company&#8217;s offering material to beneficial owners.
The Company shall reimburse Georgeson for such broker and bank charges in the manner described in the Fees &amp; Services Schedule.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Compliance with Applicable Laws.</I>
Each of the Company and Georgeson hereby represents and warrants that it shall comply with all applicable laws relating to the
Offer, including, without limitation, the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Indemnification; Limitation of Liability.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Company shall indemnify and hold harmless
Georgeson, its affiliates and their respective stockholders, officers, directors, employees and agents from and against any and
all losses, claims, damages, costs, charges, counsel fees and expenses, payments, expenses and liability (collectively, &#8220;Losses&#8221;)
arising out of or relating to the performance of the Services, including the reasonable costs and expenses of defending against
any Loss or enforcing this Agreement, except to the extent such Losses shall have been determined by a court of competent jurisdiction
to be a result of Georgeson&#8217;s gross negligence or willful misconduct. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Georgeson shall indemnify and hold
harmless the Company, its affiliates and their respective stockholders, officers, directors, employees and agents from and against
any and all Losses arising out of or relating to the performance of the Services, including the reasonable costs and expenses of
defending against any Loss or enforcing this Agreement, to the extent such Losses shall have been determined by a court of competent
jurisdiction to be a result of the Company&#8217;s gross negligence or willful misconduct.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Notwithstanding anything herein to the contrary, but without limiting the Company&#8217;s indemnification
obligations set forth in clause (i) above, neither party shall be liable for any incidental, indirect, special or consequential
damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by a breach of any provision
of this Agreement, even if apprised of the possibility of such damages.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">Except for Georgeson&#8217;s gross negligence or willful misconduct, any liability whatsoever of
Georgeson, its affiliates or any of their respective stockholders, officers, directors, employees or agents hereunder or otherwise
relating to or arising out of performance of the Services will be limited in the aggregate to the fees and charges paid hereunder
by the Company to Georgeson (but not including Expenses).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">This paragraph (f) shall survive the termination of this Agreement.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<p align="right"><img src="e52372_geor.jpg"></p>

<p><FONT STYLE="font: normal 8pt Arial">Royce Value Trust, Inc.<br>March 7, 2018
<br>Page 3</font></p>

<p align="right">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Governing Law.</I> This Agreement shall
be governed by the substantive laws of the State of New York without regard to its principles of conflicts of laws, and shall not
be modified in any way, unless pursuant to a written agreement which has been executed by each of the parties hereto. The parties
agree that any and all disputes, controversies or claims arising out of or relating to this Agreement (including any breach hereof)
shall be subject to the jurisdiction of the federal and state courts in New York County, New York and the parties hereby waive
any defenses on the grounds of lack of personal jurisdiction of such courts, improper venue or <I>forum non conveniens</I>. The
parties waive all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Relationship.</I> The Company agrees
and acknowledges that Georgeson shall be the primary information agent retained by the Company in connection with the Offer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Confidentiality.</I> Georgeson agrees
to preserve the confidentiality of (i) all material non-public information provided by the Company or its agents for Georgeson&#8217;s
use in fulfilling its obligations hereunder and (ii) any information developed by Georgeson based upon such material non-public
information (collectively, &#8220;Confidential Information&#8221;); provided that Georgeson may disclose such Confidential Information
as required by law and otherwise to its officers, directors, employees, agents or affiliates to the extent reasonably necessary
to perform the Services hereunder. For purposes of this Agreement, Confidential Information shall not be deemed to include any
information which (w) is or becomes generally available to the public other than as a result of a disclosure by Georgeson or any
of its officers, directors, employees, agents or affiliates; (x) was available to Georgeson on a non-confidential basis and in
accordance with law prior to its disclosure to Georgeson by the Company; (y) becomes available to Georgeson on a non-confidential
basis and in accordance with law from a person other than the Company or any of its officers, directors, employees, agents or affiliates
who is not otherwise bound by a confidentiality agreement with the Company or is not otherwise prohibited from transmitting such
information to a third party; or (z) was independently and lawfully developed by Georgeson without access to the Confidential Information.
The Company agrees that all reports, documents and other work product provided to the Company by Georgeson pursuant to the terms
of this Agreement are for the exclusive use of the Company and may not be disclosed to any other person or entity without the prior
written consent of Georgeson. The confidentiality obligations set forth in this paragraph shall survive the termination of this
Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(j)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Invoices</I>. Invoices for amounts due hereunder shall be delivered
to Company at: </FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ADDRESS: Royce Value Trust, Inc., 745 Fifth Avenue, New York, NY 10151</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ATTENTION: <U>Name</U>: Mary Macchia; <U>Title</U>: Assistant Treasurer;
<U>Email</U>: mary@roycefunds.com; <U>Phone</U>: (212) 508-4573.</FONT></TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<p align="right"><img src="e52372_geor.jpg"></p>


<p><FONT STYLE="font: normal 8pt Arial">Royce Value Trust, Inc.<br>March 7, 2018
<br>Page 4</font></p>

<p align="right">&nbsp;</p>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Entire Agreement; Appendix.</I> This
Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between
the parties hereto with respect to the subject matter hereof. The Appendix to this Agreement shall be deemed to be incorporated
herein by reference as if fully set forth herein. This Agreement shall be binding upon all successors to the Company (by operation
of law or otherwise).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center">[Remainder of page intentionally left
blank. Signature page follows.]</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center">&nbsp;</P>

<p align="right"><img src="e52372_geor.jpg"></p>

<p><FONT STYLE="font: normal 8pt Arial">Royce Value Trust, Inc.<br>March 7, 2018
<br>Page 5</font></p>

<p align="right">&nbsp;</p>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If the above is acceptable, please execute
and return the enclosed duplicate of this Agreement to Georgeson LLC, 1290 Avenue of the Americas, 9<SUP>th</SUP> floor, New York,
NY 10104, Attention: Christopher M. Hayden.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GEORGESON LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:
<U>/s/ Christopher M. Hayden&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher M. Hayden</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title: <U>Senior
    Managing Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD></TR>
<tr>
    <td>&nbsp;</td><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agreed to and accepted as of </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the date first set forth above:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ROYCE VALUE TRUST, INC.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:&#9;<U>/s/
    Peter K. Hoglund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter K. Hoglund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title:&nbsp;<u>Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<p align="right"><img src="e52372_geor.jpg"></p>

<p><FONT STYLE="font: normal 8pt Arial">Royce Value Trust, Inc.<br>March 7, 2018
<br>Page 6</font></p>

<p align="right">&nbsp;</p>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B><U>APPENDIX I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Royce
Value Trust, Inc. </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>FEES &amp; SERVICES SCHEDULE</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; border: Black 1pt solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;<br><br><br><br><br><br></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.K8
<SEQUENCE>7
<FILENAME>ex99-k8.htm
<TEXT>
<html>
<body>
<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="5">
<b>Committed Facility Agreement</b></font></td>
</tr>
<tr style="font-size:8px;">
<td valign="bottom" colspan="5" style="border-bottom: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
BNP PARIBAS PRIME BROKERAGE, INC. (<b>&#147;BNPP PB, Inc.&#148;</b>) and the counterparty specified
 on the signature page (<b>&#147;Customer&#148;</b>), hereby enter into this Committed Facility
 Agreement (this <b>&#147;Agreement&#148;</b>), dated as of November 14, 2012.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
<i>Whereas</i> BNPP PB, Inc. and Customer have entered into the U.S. PB Agreement,
 dated as of the date hereof (the <b>&#147;U.S. PB Agreement&#148;</b>) (the U.S. PB Agreement
 and this Agreement, collectively, the <b>&#147;40 Act Financing Agreements&#148;</b>).</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
<i>Whereas</i> this Agreement supplements and forms part of the 40 Act Financing
 Agreements and sets out the terms of the commitment of BNPP PB, Inc. to provide
 financing to Customer under the 40 Act Financing Agreements.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
<i>Now, therefore,</i> in consideration of the foregoing promises and for other good
 and valuable consideration, the receipt and adequacy of which is hereby acknowledged,
 the parties agree as follows:</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">1.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Definitions -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Capitalized
 terms not defined in this Agreement have the respective meanings assigned to them
 in the U.S. PB Agreement. The 40 Act Financing Agreements are included in the term
 &#147;Contract,&#148; as defined in the U.S. PB Agreement.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Account
 Agreement&#148;</b> means the Account Agreement attached as Exhibit A to the U.S. PB
 Agreement.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Borrowing&#148;
</b> means a draw of cash financing by Customer from BNPP PB, Inc. pursuant to Section
 2 of this Agreement.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(d)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Closing
 Date&#148;</b> means November 14, 2012.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(e)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Collateral
 Requirements&#148;</b> means the collateral requirements set forth in Section 1 of Appendix
 A attached hereto.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(f)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Custodian&#148;
</b> means State Street Bank and Trust Company.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(g)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Maximum
 Commitment Financing&#148;</b> means $150 million USD (the <b>&#147;Financing Cap&#148;</b>). Customer shall
 have the right to reduce the Maximum Commitment Financing upon one (1) Business
 Day&#146;s prior written notice to BNPP PB, Inc., <i>provided</i> that the aggregate
 reduction for any calendar month shall not exceed $25 million USD. In addition, Customer
 may increase the Maximum Commitment Financing upon one (1) Business Day&#146;s prior
 written notice to BNPP PB, Inc., <i>provided</i> that the Maximum Commitment Financing
 shall not exceed the Financing Cap.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(h)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Net Asset
 Value&#148;</b> means, with respect to Customer, the aggregate net asset value of the
 common stock issued by Customer calculated in accordance with U.S. generally accepted
 accounting principles.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(i)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Outstanding
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 sale proceeds) held under the 40 Act Financing Agreements if such net cash balance
 is a debit, or zero if such aggregate net cash balance is a credit. For the purposes
 of calculating such aggregate net cash balance, if Customer holds credit or debit
 cash balances in non-USD currencies, BNPP PB, Inc. will convert each of these balances
 into USD at prevailing market rates to determine Customer&#146;s aggregate net cash
 balance.</font></div></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Specified
 Indebtedness&#148;</b> means any obligation (whether present or future, contingent or
 otherwise, as principal or surety or otherwise) in respect of borrowed money.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(k)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;1940 Act&#148;</b> means the Investment Company Act of 1940, as amended.</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Borrowings -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Subject to
 Section 7, BNPP PB, Inc. shall make available cash financing under the 40 Act Financing
 Agreements in an amount up to the then applicable Maximum Commitment Financing.
 Such cash financing shall be made available in immediately available funds. Customer
 may borrow under this Section 2, prepay pursuant to Section 4 and reborrow under
 this Section 2 without penalty or premium.</font></div></td>
</tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">On the Closing
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 Maximum Commitment Financing. Each subsequent Borrowing (not to exceed the Maximum
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 time) on the Business Day immediately preceding the date of the proposed Borrowing
 (which must be a Business Day) by Customer. Subject to Section 7, BNPP PB, Inc.
 shall, before 11:00 A.M. (New York City time) on the date of such Borrowing, make
 available to Customer the amount of such Borrowing <i>(provided that</i> the Outstanding
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 does not exceed the Maximum Commitment Financing) payable to the account designated
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</tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Upon the occurrence
 of a Facility Termination Event, an event described in Section 16(a) hereof, or
 the date specified in the Facility Modification Notice as described in Section 6,
 all Borrowings (including all accrued and unpaid interest thereon and all other
 amounts owing or payable hereunder) may be recalled by BNPP PB, Inc. in accordance
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Upon the occurrence
 of a Default, the BNPP Entities shall have the right to take any action described
 in Section 13(c) hereof.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">4.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Prepayments -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer may,
 upon at least one Business Day&#146;s notice to BNPP PB, Inc. stating the proposed
 date and aggregate principal amount of the prepayment, prepay all or any portion
 of the outstanding principal amount of the Outstanding Debit Financing, together
 with accrued interest to the date of such prepayment on the principal amount prepaid;
<i>provided that</i> Customer shall continue to be obligated to pay the commitment
 fee as set forth in Appendix B in respect of any undrawn Maximum Commitment Financing.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">5.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Interest -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer shall
 pay interest on the outstanding principal amount of each Borrowing from the date
 of such Borrowing until such principal amount has been paid in full, at the rates
 specified in Appendix B attached hereto. Such interest shall be payable monthly,
 and if not paid when due, any unpaid interest shall be added to the principal balance
 of such Borrowing(s).</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">6.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Scope of Committed Facility -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Subject to
 Section 7, BNPP PB, Inc. shall make available cash financing under the 40 Act Financing
 Agreements in an aggregate amount up to the relevant Maximum Commitment Financing,
 and may not take any of the following actions except upon at least 360 calendar
 days&#146; prior notice (the <b>&#147;Facility Modification Notice&#148;</b>):</font></div></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">modify Appendix
 A;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">demand immediate
 repayment of any cash loan under the 40 Act Financing Agreements;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">modify the
 Customer Debit Rate, as set forth in Appendix B attached hereto;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(d)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">modify any
 other fees specified in Appendix B attached hereto (the <b>&#147;Fees&#148;</b>), <i>provided
 that</i> BNPP PB, Inc. may modify any Fees immediately if (i) the amount of such
 Fees charged to BNPP PB, Inc., as the case may be, have been increased by the provider
 of the relevant services or (ii) consistent with increases generally to customers;
 or</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">(e)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">terminate
 any of the 40 Act Financing Agreements.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">7.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Conditions for Committed Facility -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">The commitment
 as set forth in Section 6 only applies so long as -</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer satisfies
 the Collateral Requirements; and</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">no Default
 or Facility Termination Event has occurred.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">8.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Commitment Fee -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer shall
 pay when due a commitment fee as set forth in Appendix B attached hereto.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">9.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Substitution -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">After BNPP
 PB, Inc. sends a Facility Modification Notice, Customer may not substitute any collateral, <i>provided that</i> Customer may purchase and sell portfolio securities in the
 ordinary course of business consistent with its investment restrictions; <i>provided
 further</i> that BNPP PB, Inc. may permit substitutions upon request, which permission
 shall not be unreasonably withheld; <i>provided further that</i> for substitutions
 of rehypothecated collateral, such collateral shall be returned for substitution
 within a commercially reasonable period (in any event no later than the lesser of
 three Business Days and the standard settlement period applicable to such collateral).</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Prior to BNPP
 PB, Inc. sending a Facility Modification Notice, Customer may substitute collateral,
<i>provided that</i> for substitutions of rehypothecated collateral, such collateral
 shall be returned for substitution within a reasonable period (in any event no later
 than the lesser of three Business Days and the standard settlement period applicable
 to such collateral).</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">10.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Collateral Delivery -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">If notice
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 any Business Day, then Customer shall deliver all required Collateral no later than
 the close of business on such Business Day, and (ii) after 11:00 a.m. on any Business
 Day, then Customer shall deliver all required Collateral no later than the close
 of business on the immediately succeeding Business Day.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">11.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Representations and Warranties -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer hereby
 makes all the representations and warranties as set forth in Section 5 of the Account
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 and warranties shall survive each transaction and the termination of the 40 Act
 Financing Agreements.</font></div></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">3</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">12.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Financial Information -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Customer shall provide BNPP PB, Inc. with copies of &#150;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
the most recent annual report of Customer containing financial statements certified
 by independent certified public accountants and prepared in accordance with generally
 accepted accounting principles in the United States, as soon as available and in
 any event within 120 calendar days after the end of each fiscal year of Customer;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
a monthly statement of its leverage and asset coverage ratios as of the last day
 of each calendar month as soon as available and in any event within 15 calendar
 days after the end of each calendar month;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
the most recent monthly financial statement of Customer, including performance returns
 and Net Asset Value of Customer, as soon as available and in any event within 30
 calendar days after the end of each month; and</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(d)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
the estimated Net Asset Value statement of Customer as of any Business Day, upon
 reasonable request therefor by BNPP PB, Inc.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">13.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Termination -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
Upon the occurrence and during the continuance of a Facility Termination Event, BNPP
 PB, Inc. shall have the right on prior written notice to Customer to terminate this
 Agreement, recall any Outstanding Debit Financing, modify Collateral Requirements,
 and modify any interest rate spread, fees, charges, or expenses, in each case, in
 accordance with the timeframes specified in the U.S. PB Agreement.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
Upon the occurrence of a NAV Trigger Event, BNPP PB, Inc. shall have the right to
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
Upon the occurrence and during the continuance of a Default, the BNPP Entities may
 upon prior written notice to Customer terminate any of the 40 Act Financing Agreements
 and take Default Action.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(d)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
Each of the following events constitutes a <b>&#147;Default&#148;</b>:</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">i.</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer fails
 to meet the Collateral Requirements within the time periods set forth in Section
 10;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">ii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">any representation
 or warranty made or deemed made by Customer to BNPP PB, Inc. under any 40 Act Financing
 Agreements (including under Section 11 herein) proves false or misleading when made
 or deemed made;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">iii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer fails
 to comply with or perform any other agreement or obligation under this Agreement
 or the other 40 Act Financing Agreements and such failure is not remedied within
 15 days;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">iv.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer becomes
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 similar proceeding or all or substantially all its assets become subject to a suit,
 levy, enforcement, or other legal process where a secured party maintains possession
 of such assets, has a resolution passed for its winding-up, official management
 or liquidation (other than pursuant to a consolidation, amalgamation or merger),
 seeks or becomes subject to the appointment of an administrator, provisional liquidator,
 conservator, receiver, trustee, custodian or other similar official for it or for
 all or substantially all its assets, has a secured party take possession of all
 or substantially all its assets, or takes any action in furtherance of, or indicating
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</tr>
</table>
<p align="center"><font face="Arial" size="2">4</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">v.</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the occurrence
 and continuance of a repudiation, misrepresentation, material breach or the occurrence
 of a default, termination event or similar condition (howsoever characterized, which,
 for the avoidance of doubt, includes the occurrence of an Additional Termination
 Event under an ISDA Master Agreement between Customer and a BNPP Entity, if applicable)
 by Customer under any contract with a BNPP Entity or affiliate of a BNPP Entity
 (other than a 40 Act Financing Agreement) related to a payment or posting failure
 in excess of $500,000 where such event has resulted in the acceleration, termination
 or close-out of all transactions under such contract; or</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer fails
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(e)</font></td>
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Each of the following events constitutes a <b>&#147;Facility Termination Event&#148;:</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the occurrence
 of a default, event of default or other similar condition or event (however described)
 by Customer under one or more agreements or instruments relating to Specified Indebtedness
 in an aggregate amount of not less than the Threshold which has resulted in such
 Specified Indebtedness becoming due and payable under such agreements or instruments,
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">ii.</font></td>
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<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">[Reserved]</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the investment
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 thereof (collectively, the <b>&#147;Advisor&#148;</b>) is terminated or the Advisor otherwise
 ceases to act as investment advisor of Customer; provided, however, such termination
 or cessation shall not constitute a Facility Termination Event if there is a replacement
 investment advisor appointed immediately who is acceptable to BNPP PB, Inc. in its
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">v.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer fails
 to make any filing necessary to comply with the rules of any exchange in which its
 shares are listed where such failure continues for five (5) Business Days after
 notice to Customer by BNPP PB, Inc.; <i>provided</i> that Customer must notify BNPP
 PB, Inc. immediately when it becomes aware that it has failed to comply with the
 rules of any exchange in which its shares are listed, and such failure to provide
 such notice shall itself constitute a Facility Termination Event;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">vi.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer&#146;s
 classification under the 1940 Act becomes something other than as a &#147;closed-end
 company&#148; as defined under Section 5 of the 1940 Act;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">vii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer enters
 into any additional indebtedness with a party other than a BNPP Entity or its affiliates
 beyond the financing provided hereunder through the 40 Act Financing Agreements,
 including without limitation any further borrowings constituting &#145;senior securities&#146; (as defined for purposes of Section 18 of the 1940 Act) or any promissory
 note or other evidence of indebtedness, whether with a bank or any other person;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">viii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer changes
 its fundamental investment policies; or</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">ix.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer pledges
 to any other party, other than a BNPP Entity or its affiliates, any securities owned
 or held by Customer over which Custodian has a lien; <i>provided, however,</i> that
 pledges by Customer of assets under a Credit Support Annex to an ISDA Master Agreement
 or in connection with listed call options transactions, repurchase agreements or
 other portfolio transactions pursuant to Customer&#146;s investment portfolio activities
 shall be permissible; or</font></div></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">5</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">x.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer fails
 to deliver the financial information within the time periods set out in Section
 12 and such failure is not remedied within (A) five (5) days for a failure under
 Sections 12(a), 12(b), and 12(c) and (B) one (1) Business Day for a failure under
 Section 12(d);</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(f)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
The following event constitutes a <b>&#147;NAV Trigger Event&#148;</b>:</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the Net Asset
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 month declines by thirty-five percent (35%) or more from the Net Asset Value of
 Customer as of the close of business on the last Business Day of the immediately
 preceding calendar month (taking into account any positive or negative change caused
 by capital transfers, such as redemptions, withdrawals, subscriptions, contributions
 or investments, howsoever characterized, and all amounts set forth in redemption
 notices received by or on behalf of Customer (notwithstanding the date the actual
 redemption shall occur)).</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">14.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Reserved -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">15.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Notices -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Notices under this Agreement shall be provided pursuant to Section 12(a) of the Account
 Agreement.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">16.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Compliance with Applicable Law -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
Notwithstanding any of the foregoing, if required by Applicable Law (including, for
 the avoidance of doubt, any new or amended rules, requests, guidelines and directives
 promulgated in connection with current Applicable Law, including the Dodd-Frank
 Wall Street Reform and Consumer Protection Act), upon the earlier to occur of (a)
 the date that the BNPP Entities are required, in the reasonable opinion of counsel,
 to do so by Applicable Law and (b) sixty (60) calendar days following the Business
 Day on which the BNPP Entities provide notice to Customer that it will be required,
 in the reasonable opinion of counsel, to do so by Applicable Law &#150;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">i.</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the BNPP Entities
 may terminate any 40 Act Financing Agreement and any Contract;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">ii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">BNPP PB, Inc.
 may recall any outstanding loan under the 40 Act Financing Agreements;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">iii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">BNPP PB, Inc.
 may modify the Collateral Requirements; and/or</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">iv.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the BNPP Entities
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
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<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
This Agreement will not limit the ability of BNPP PB, Inc. to change the product
 provided under this Agreement and the 40 Act Financing Agreements as necessary to
 comply with Applicable Law (including, for the avoidance of doubt, any new or amended
 rules, requests, guidelines and directives promulgated in connection with current
 Applicable Law, including the Dodd-Frank Wall Street Reform and Consumer Protection
 Act) upon the earlier to occur of (a) the date that the BNPP Entities are required,
 in the reasonable opinion of counsel, to do so by Applicable Law and (b) sixty (60)
 calendar days following the Business Day on which the BNPP Entities provide notice
 to Customer that it will be required.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
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<b>Increased Costs Due to a Change in Applicable Law</b> - Notwithstanding anything
 to the contrary set forth herein, if, based on the reasonable opinion of nationally
 recognized outside counsel to BNPP PB, Inc., any change in BNPP PB, lnc.&#146;s
 interpretation of any Applicable Law or the adoption of or any changes in the same
 (including, for the avoidance of doubt, any new or amended rules, requests, guidelines
 and directives</font></div></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">6</font></p>
<br clear="all" style="page-break-before:always;">
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<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
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promulgated in connection with current Applicable Law, including the Dodd-Frank Wall
 Street Reform and Consumer Protection Act) shall result in any increase in costs
 to the BNPP Entities in respect of providing financing services or in maintaining
 credit extensions to Customer hereunder or under the 40 Act Financing Agreements
 (the amount of such increase in costs, the <b>&#147;Increased Cost&#148;</b>), then:</font></div></td>
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<td width="2%" valign="top" align="left"><font face="Arial" size="2">i.</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the BNPP Entities
 shall notify Customer that there has been a change in Applicable Law for which Customer
 will be required to pay such Increased Cost, which notice shall provide reasonable
 identification of the applicable change in Applicable Law; and</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">ii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">the BNPP Entities
 shall have the right beginning on the day on which the BNPP Entities incur such
 Increased Cost, to increase the spread on the Customer Debit Rate (as defined in
 Appendix B attached hereto) by the amount necessary to cause the relevant Customer
 Debit Rate (as defined in Appendix B attached hereto) to reflect such Increased
 Cost.</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">Customer shall
 pay to the BNPP Entities, at the time when interest payments are otherwise due,
 the interest including any increases to such rates as determined pursuant to this
 section,</font></div></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">17.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Miscellaneous -</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
In the event of a conflict between any provision of this Agreement and the other
 40 Act Financing Agreements, this Agreement prevails.</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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This Agreement is governed by and construed in accordance with the laws of the State
 of New York, without giving effect to the conflict of laws doctrine.</font></div></td>
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<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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Section 16(c) of the Account Agreement is hereby incorporated by reference in its
 entirety and shall be deemed to be a part of this Agreement to the same extent as
 if such provision had been set forth in full herein.</font></div></td>
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<td valign="top" align="left"><font face="Arial" size="2">(d)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
This Agreement may be executed in counterparts, each of which will be deemed an original
 instrument and all of which together will constitute one and the same agreement.</font></div></td>
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<p align="center"><font face="Arial" size="2">7</font></p>
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<p align="right"><font face="Arial" size="2">EXECUTION COPY (10/19/12)</font></p>
<p><font face="Arial" size="2">IN WITNESS WHEREOF, the parties have caused
 this Agreement to be duly executed and delivered as of the date first written above.</font></p>
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<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">By:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2"><u>/s/ Daniel A. O&#146;Byrne</u></font></td>
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<td width="40%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="left"><font face="Arial" size="2">Name:</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Daniel A.
 O&#146;Byrne</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Title:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Vice President</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
<b>BNP PARIBAS PRIME BROKERAGE, INC.</b></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">By:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2"><u>/s/ Raphael Masgnaux</u></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Name:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Raphael Masgnaux</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Title:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Managing Director</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
<b>BNP PARIBAS PRIME BROKERAGE, INC.</b></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">By:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2"><u>/s/ Jeffrey Lowe</u></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Name:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Jeffrey Lowe</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Title:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Managing Director</font></td>
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<p align="right"><font face="Arial" size="2">EXECUTION COPY (11/06/12)</font></p>
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<b>Appendix A &#150; Collateral Requirements</b></font></td>
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<td valign="bottom" colspan="7" style="border-bottom: 1px solid #000000;">&#160;</td>
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<td valign="bottom" colspan="7" align="left"><div align="justify"><font face="Arial" size="2">
THIS APPENDIX forms a part of the Committed Facility Agreement entered into between
 BNP Paribas Prime Brokerage, Inc. (&#147;<b>BNPP PB, Inc.</b>&#148;) and Royce Value Trust,
 Inc. (<b>&#147;Customer&#148;</b>) (the <b>&#147;Committed Facility Agreement&#148;</b>).</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">1.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Collateral Requirements -</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><div align="justify"><font face="Arial" size="2">
The Collateral Requirements in relation to all positions held in the accounts established
 pursuant to the 40 Act Financing Agreements (the <b>&#147;Positions&#148;</b>) shall be the
 greatest of:</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><div align="justify"><font face="Arial" size="2">
(a) the aggregate product of (x) the Collateral Percentage applicable to such Positions
 and (y) the Current Market Value of such respective Positions;</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><div align="justify"><font face="Arial" size="2">
(b) the sum of the collateral requirements of such Positions as per Financial Industry
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
(d) 35% of the Portfolio Gross Market Value.</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">2.</font></td>
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Eligible Securities -</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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Positions in the following eligible equity security types (<b>&#147;Eligible Securities&#148;,</b> which term shall exclude any securities described in Section 2(b)) are covered
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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 traded on a major exchange in one of the following countries: Canada, United Kingdom,
 France, Germany, Switzerland, Austria, Spain, Italy, The Netherlands, Finland, Belgium,
 Japan, Australia or Portugal and (C) denominated in one of the following currencies:
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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Notwithstanding the foregoing, the following will not be part of the collateral commitment and shall have no collateral value:</font></div></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<br>
<hr size="1" color="#000000" noshade width="15%" align="left">
<div><font face="Arial" size="2"><sup>1</sup> Subject to confirmation from State Street
 that HKD securities shall be held in an Omnibus account</font></div>
<p align="center"><font face="Arial" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (11/06/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
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 the voting interests of the Issuer or (b) any voting class of equity securities
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 pursuant to the 40 Act Financing Agreements or otherwise). For the avoidance of
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">xiv.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">any Positions
 with Equity Volatility equal to or greater than 100%.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">3.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
Equity Securities Collateral Percentage -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="2">
The Collateral Percentage for an equity Position consisting of applicable Eligible
 Securities shall be:</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">i.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">subject to
 paragraph ii below, the sum of (A) the Equity Core Collateral Rate and (B) the product
 of (I) the Equity Core Collateral Rate and (II) the sum of the Equity Concentration
 Factor, the Equity Liquidity Factor, and the Equity Volatility Factor, or</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">ii.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">100% if the
 product determined under paragraph (i) above is greater than 100%.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
<b>Equity Concentration Factor.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
The <b>&#147;Equity Concentration Factor&#148;</b> shall be determined pursuant to the following
 table.</font></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (11/06/12)</font></p>
<table border="1" cellpadding="0" cellspacing="0" width="83%" align="center" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Issuer
 Position Concentration</b></font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Equity
 Concentration Factor</b></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to or
 greater than 5%and less than 10%</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">0.5</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Equity
 Liquidity Factor.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">The <b>&#147;Equity Liquidity Factor&#148;</b> shall be determined pursuant to the following table.</font></td>
</tr>
</table>
<br>
<table border="1" cellpadding="0" cellspacing="0" width="83%" align="center" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Days
 of Trading Volume</b></font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Equity
 Liquidity Factor</b></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Less than
 2</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">0</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to
 or greater than 2 and less than 4</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to
 or greater than 4 and less than 6</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">2</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to
 or greater than 6 and less than 8</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">3</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to
 or greater than 8 and less than 10</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">4</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Equity
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">The <b>&#147;Equity
 Volatility Factor&#148;</b> shall be determined pursuant to the following table.</font></td>
</tr>
</table>
<br>
<table border="1" cellpadding="0" cellspacing="0" width="83%" align="center" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Equity
 Volatility</b></font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Equity
 Volatility Factor</b></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Less than
 35%</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">0</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to
 or greater than 35% and less than 50%</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">0.5</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to
 or greater than 50% and less than 75%</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2">Equal to
 or greater than 75% and less than 100%</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">2</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">4.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Positions Outside the Scope of this Appendix -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
For the avoidance of doubt, the Collateral Requirements set forth herein are limited
 to the types and sizes of securities specified herein. The Collateral Requirement
 for any Position or part of a Position not covered by the terms of this Appendix
 shall be determined by BNPP PB, Inc. in its sole discretion.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">5.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
One-off Collateral Requirements -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Arial" size="2">
From time to time BNPP PB, Inc., in its sole discretion, may agree to a different
 Collateral Requirement than the Collateral Requirement determined by this Appendix
 for a particular Position; <i>provided</i> that, for the avoidance of doubt, the
 commitment in Section 6(a) of the Committed Facility Agreement shall apply only
 with respect to the Collateral Requirements based upon the Collateral Percentage
 determined pursuant to Sections 3 and 4 hereof and BNPP PB, Inc. shall have the
 right at any time to increase the Collateral Requirement for such Position up to
 the Collateral Requirement that would be required as determined in accordance to
 Sections 3 and 4 hereof.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">6.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
Certain Definitions -</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>&#147;Affiliate&#148;</b> means an affiliate as defined in Rule 144(a)(1) under the Securities Act of
 1933.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>&#147;Bloomberg&#148;</b> means the Bloomberg Professional service.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>&#147;Collateral
 Percentage&#148;</b> means the percentage as determined by BNPP PB, Inc. according
 to this Appendix A.</font></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">3</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Arial" size="2">EXECUTION COPY (11/06/12)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">(d)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Current
 Market Value&#148;</b> means with respect to a Position, an amount equal to the absolute
 value of the product of (i) the number of units of the relevant security and (ii)
 the price per unit of the relevant security (determined by BNPP PB, Inc.).</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(e)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Days of
 Trading Volume&#148;</b> means with respect to an equity security, an amount equal to
 the quotient of (i) the number of shares of such security constituting the Position,
 as numerator and (ii) the 90-day average daily trading volume of such security as
 shown on Bloomberg (or, if the 90-day average daily trading volume of such security
 is unavailable, the 30-day average daily trading volume of such security, as determined
 by BNPP PB, Inc. in its sole discretion), as denominator.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(f)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Equity
 Core Collateral Rate&#148;</b> means 15%.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(g)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Equity
 Volatility&#148;</b> means with respect to an equity security, the 90-day historical
 volatility of such security as determined by BNPP PB, Inc. in its sole discretion
 or, if the 90-day historical price volatility of such security is unavailable, the
 30-day historical price volatility of such security as determined by BNPP PB, Inc.
 in its sole discretion.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(h)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Gross
 Market Value&#148;</b> of one or more Positions means an amount equal to the sum of all
 Current Market Values of all such Positions, where, for the avoidance of doubt,
 the Current Market Value of each Position is expressed as a positive number whether
 or not such Position is held long.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(i)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Issuer&#148;</b> means, with respect to an equity security, the ultimate parent company or similar
 term as used by Bloomberg; <i>provided that,</i> if the relevant security was issued
 by a company or a subsidiary of a company that has issued common stock, the Issuer
 shall be deemed to be the entity that has issued common stock; <i>provided further
 that,</i> with respect to any exchange-traded funds, the Issuer of such securities
 shall be the index to which the relevant securities relate, if any.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(j)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Issuer
 Position Concentration&#148;</b> means with respect to a Position issued by an Issuer,
 an amount equal to the quotient of (i) the Gross Market Value of all Positions issued
 by the same Issuer, as numerator and (ii) the Portfolio Gross Market Value, expressed
 as a percentage.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(k)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Portfolio
 Gross Market Value&#148;</b> means the Gross Market Value of all of the Positions that
 are Eligible Securities.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2">&#160;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(l)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Arial" size="2"><b>&#147;Structured
 Securities&#148;</b> means any security (i) the payment to a holder of which is linked
 to a different security, provided that such different security is issued by a different
 issuer or (ii) structured in such a manner that the credit risk of acquiring the
 security is primarily related to an entity other than the issuer of the security
 itself.</font></div></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">4</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="right"><font face="Times New Roman" size="2">EXECUTION COPY (11/06/12)</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>Appendix B<br><br>Pricing</b></font></p>
<table border="1" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000">
<tr bgcolor="#d1d2d4">
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Royce Value Trust, Inc.</b></font></td>
</tr>
</table>
<br>
<table border="1" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000">
<tr bgcolor="#d1d2d4">
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Financing Rate</b></font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>Customer Debit Rate</b></font></p>
<p align="center"><font face="Times New Roman" size="2">3 Month LIBOR
 + 95 bps</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ISO Code</b></font></p>
<p align="center"><font face="Times New Roman" size="2">USD</font></p>
<table border="1" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000">
<tr bgcolor="#d1d2d4">
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Commitment Fee</b></font></td>
</tr>
</table>
<p style="margin-right: 40px; margin-left: 40px;"><font face="Times New Roman" size="2">Customer shall pay a commitment fee (the <b>&#147;Commitment Fee&#148;</b>) to BNPP PB, Inc. equal to sum of the Daily Commitment Fees
 over the relevant calculation period, when the amount calculated under the Financing
 Rate above is due. For purposes of this section, the <b>&#147;Daily Commitment Fee&#148;</b> on each day shall be the product of (a) the difference between (i) the Maximum
 Commitment Financing and (ii) the current Outstanding Debit Financing, (b) 1/360
 and (c) 50 bps.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>FIRST AMENDMENT AGREEMENT</b></font></p>
<p><font face="Times New Roman" size="2">AMENDMENT
 AGREEMENT (<b>&#147;Amendment&#148;</b>) dated as of January 15, 2014 to the Committed Facility Agreement
 dated November 14, 2012 between BNP Paribas Prime Brokerage, Inc. (&#147;BNPP PB, Inc.&#148;)
 and Royce Value Trust, Inc. (<b>&#147;Customer&#148;</b>).</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, BNPP
 PB, Inc. and Customer previously entered into a Committed Facility Agreement dated
 as of November 14, 2012 (as amended from time to time, the <b>&#147;Agreement&#148;</b>);<br><br> WHEREAS, the parties hereto desire to amend the Agreement as provided herein;</font></p>
<p><font face="Times New Roman" size="2">NOW THEREFORE,
 in consideration of the mutual agreements provided herein, the parties agree to
 amend the Agreement as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>Amendment to &#147;Maximum Commitment Financing&#148;
 Definition</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Section l (g) of the Agreement is hereby deleted in its entirety and replaced with:</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(g)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>&#147;Maximum Commitment Financing&#148;</b> means $70 million USD. Customer shall have the right to
 reduce the Maximum Commitment Financing upon one (l) Business Day&#146;s prior written
 notice to BNPP PB, Inc., <i>provided</i> that the aggregate reduction for any calendar
 month shall not exceed $25 million USD. In addition, Customer may, subject
 to BNPP PB, Inc.&#146;s approval, increase the Maximum Commitment Financing upon
 one (l) Business Day&#146;s prior written notice to BNPP PB, Inc., <i>provided</i> that the Maximum Commitment Financing shall not exceed $150 million USD (the <b>&#147;Financing
 Cap&#148;</b>).</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<b>Representations</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Each party
 represents to the other party that all representations contained in the Agreement
 are true and accurate as of the date of this Amendment and that such representations
 are deemed to be given or repeated by each party, as the case may be, on the date
 of this Amendment.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<b>Miscellaneous</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Definitions.</b> Capitalized terms used in this Amendment and not otherwise defined herein shall
 have the meanings specified for such terms in the Agreement.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Entire
 Agreement.</b> The Agreement as amended and supplemented by this Amendment constitutes
 the entire agreement and understanding of the parties with respect to its subject
 matter and supersedes all oral communications and prior writings (except as otherwise
 provided herein) with respect thereto. Except as expressly set forth herein, the
 terms and conditions of the Agreement remain in full force and effect.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Counterparts.</b> This Amendment may be executed and delivered in counterparts (including by facsimile
 transmission), each of which will be deemed an original.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Headings.</b> The headings used in this Amendment are for convenience of reference only and
 are not to affect the construction of or to be taken into consideration in interpreting
 this Amendment.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Governing
 Law.</b> This Amendment will be governed by and construed in accordance with the
 laws of the State of New York (without reference to choice of law doctrine).</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><i>(Signature page follows)</i></font></p>
<p align="right"><font face="Times New Roman" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>IN WlTNESS
 WHEREOF</b> the parties have executed this Amendment with effect from the first
 date specified on the first page of this Amendment.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>BNP PARIBAS
 PRIME BROKERAGE, INC.</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>ROYCE VALUE
 TRUST, INC.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ M. Andrews Yeo</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Daniel
 A. O&#146;Byrne</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:&#160;&#160; M.
 Andrews Yeo</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:&#160;&#160; Daniel
 A. O&#146;Byrne</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:&#160;&#160; Chief Executive Officer</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:&#160;&#160; Vice
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="35%" valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Jeffrey Lowe</u></font></td>
<td width="5%"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: Jeffrey Lowe</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title: Managing Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="center"><font face="Times New Roman" size="2"><b>SECOND AMENDMENT AGREEMENT</b></font></p>
<p><font face="Times New Roman" size="2">AMENDMENT
 AGREEMENT (<b>&#147;Amendment&#148;</b>) dated as of October 7, 2014 to the Committed Facility
 Agreement dated November 14, 2012 between BNP Paribas Prime Brokerage, Inc. (&#147;<b>BNPP PB, Inc.</b>&#148;) and Royce Value Trust, Inc. (<b>&#147;Customer&#148;</b>).</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, BNPP
 PB, Inc. and Customer previously entered into a Committed Facility Agreement dated
 as of November 14, 2012 (as amended from time to time, the <b>&#147;Agreement&#148;</b>);</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, the
 parties hereto desire to amend the Agreement as provided herein;</font></p>
<p><font face="Times New Roman" size="2">NOW THEREFORE,
 in consideration of the mutual agreements provided herein, the parties agree to
 amend the Agreement as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>
Amendment to &#147;Maximum Commitment Financing&#148; Definition</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The definition of <b>&#147;Maximum Commitment Financing&#148;</b> in Section l(g) of the Agreement
 is hereby amended by replacing the words &#147;$45 million USD&#148; currently appearing therein
 with the words &#147;$60 million USD&#148;.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
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<tr>
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<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
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<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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 the entire agreement and understanding of the parties with respect to its subject
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 provided herein) with respect thereto. Except as expressly set forth herein, the
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
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 transmission), each of which will be deemed an original.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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 are not to affect the construction of or to be taken into consideration in interpreting
 this Amendment.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><i>(Signature page follows)</i></font></p>

<p align="right"><font face="Times New Roman" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>IN WlTNESS WHEREOF</b> the parties have executed this Amendment with effect from the first
 date<br>specified on the first page of this Amendment.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>BNP PARIBAS
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>ROYCE VALUE
 TRUST, INC.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Jeffrey Lowe</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Daniel
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</tr>
<tr>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:&#160;&#160; Daniel
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</tr>
<tr>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="35%" valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ JP Muir</u></font></td>
<td width="5%"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="center"><font face="Times New Roman" size="2"><b>THIRD AMENDMENT AGREEMENT</b></font></p>
<p><font face="Times New Roman" size="2">AMENDMENT
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 Agreement dated November 14, 2012 between BNP Paribas Prime Brokerage, Inc. (<b>&#147;BNPP
 PB, Inc.&#148;</b>) and Royce Value Trust, Inc. (<b>&#147;Customer&#148;</b>).</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, BNPP
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 as of November 14, 2012 (as amended from time to time, the <b>&#147;Agreement&#148;</b>);</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, the
 parties hereto desire to amend the Agreement as provided herein;</font></p>
<p><font face="Times New Roman" size="2">NOW THEREFORE,
 in consideration of the mutual agreements provided herein, the parties agree to amend the Agreement as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>Amendment to &#147;Maximum Commitment Financing&#148; Definition</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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The definition of <b>&#147;Maximum Commitment Financing&#148;</b> in Section l(g) of the Agreement
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 with the words &#147;$70 million USD&#148;.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">2.</font></td>
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<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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Each party represents to the other party that all representations contained in the
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">3.</font></td>
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<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
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<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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 transmission), each of which will be deemed an original.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><i>(Signature page follows)</i></font></p>
<p align="right"><font face="Times New Roman" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>IN WlTNESS
 WHEREOF</b> the parties have executed this Amendment with effect from the first
 date specified on the first page of this Amendment.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ M. Andrews Yeo</u></font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Daniel
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</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="35%" valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ JP Muir</u></font></td>
<td width="5%"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: JP Muir</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:
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</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>AMENDMENT AGREEMENT<br>TO
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<p><font face="Times New Roman" size="2">AMENDMENT AGREEMENT (<b>&#147;Amendment&#148;</b>)
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<p><font face="Times New Roman" size="2">WHEREAS, BNPP PB, Inc. and Customer previously
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 from time to time prior to this Amendment, the <b>&#147;Agreement&#148;</b>);</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, the parties hereto desire to amend
 the Agreement as provided herein:</font></p>
<p><font face="Times New Roman" size="2">NOW THEREFORE, in consideration of the mutual
 agreements provided herein, the parties agree to amend the Agreement as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>
Amendment to Section 1 of the Agreement (&#145;Definitions&#146;)</b></font></td>
</tr>
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The following definition is hereby added to Section 1 of the Agreement in alphabetical
 order, reordering such other definitions as appropriate:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>&#147;Funding
 Event&#148;</b> means on any day (the <b>&#147;Date of Determination&#148;</b>), BNP Paribas&#146; long-term credit rating has declined to a level three or more notches, as
 shown in Exhibit 1 attached hereto, below its highest rating by any of Standard
 &#038; Poor&#146;s Ratings Services, Moody&#146;s Investor Service, Inc. or Fitch
 Ratings, Ltd. during the period beginning on and including October 15, 2015 and
 ending on and including such Date of Determination.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>Amendment to Section 6 (&#145;Scope of Committed Facility&#146;)</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Section 6 of the Agreement is hereby amended by adding the following to the end thereof:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#147;Notwithstanding
 the foregoing, on or at any time after the occurrence of a Funding Event, BNPP PB,
 Inc. shall have the option to terminate the Agreement immediately upon notice. Upon
 termination resulting from the exercise of such option, BNPP PB, Inc. shall pay
 to Customer a fee equal to 50 bps on the Maximum Commitment Financing, BNPP PB,
 Inc. shall provide notice to Customer of any downgrade of BNP Paribas&#146; long-term
 credit rating by any of Standard &#038; Poor&#146;s Ratings Services, Moody&#146;s
 Investor Service, Inc. or Fitch Ratings, Ltd.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>Representations</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Each party represents to the other party that all representations contained in the
 Agreement are true and accurate as of the date of this Amendment and that such representations
 are deemed to be given or repeated by each party, as the case may be, on the date
 of this Amendment.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>Miscellaneous</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Definitions.</b>
 Capitalized terms used in this Amendment and not otherwise defined herein shall
 have the meanings specified for such terms in the Agreement.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Entire Agreement.</b>
 This Amendment constitutes the entire agreement and understanding of the parties
 with respect to its subject matter and supersedes all oral communications and prior
 writings (except as otherwise provided herein) with respect thereto.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Counterparts.</b>
 This Amendment may be executed and delivered in counterparts (including by facsimile
 transmission), each of which will be deemed an original.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Headings.</b>
 The headings used in this Amendment are for convenience of reference only and are
 not to affect the construction of or to be taken into consideration in interpreting
 this Amendment.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Governing
 Law.</b> This Amendment will be governed by and construed in accordance with the laws
 of the State of New York (without reference to choice of law doctrine).</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5" align="center"><font face="Times New Roman" size="2">
<i>(Signature page follows.)</i></font></td>
</tr>
</table>
<br>
<br>
<br>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><b>IN WITNESS WHEREOF</b> the parties have executed
 this Amendment with effect from the first date specified on the first page of Amendment.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="80%">
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<b>BNP PARIBAS PRIME BROKERAGE, INC.</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<b>ROYCE VALUE TRUST, INC.</b></font></td>
</tr>
<tr>
<td width="5%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="15%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="15%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ JP
 Muir</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Daniel
 A. O&#146;Byrne</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">JP Muir</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Daniel A.
 O&#146;Byrne</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Managing Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Vice President</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Jeffrey
 Lowe</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Jeffrey Lowe</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Managing Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<br>
<br>
<br>
<p align="center"><font face="Times New Roman" size="2">3</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="arial" size="2">Exhibit 1<br>Credit Agency
 Ratings Notches</font></p>
<table border="1" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="arial" size="2"><u>Fitch
</u></font></td>
<td valign="bottom" align="center"><font face="arial" size="2"><u>S&#038;P
</u></font></td>
<td valign="bottom" align="center"><font face="arial" size="2"><u>Moody&#146;s</u></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">AAA</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">AAA</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Aaa</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">AA+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">AA+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Aa1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">AA</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">AA</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Aa2</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">AA-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">AA-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Aa3</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">A+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">A+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">A1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">A</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">A</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">A2</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">A-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">A-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">A3</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">BBB+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">BBB+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Baa1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">BBB</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">BBB</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Baa2</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">BBB-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">BBB-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Baa3</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">BB+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">BB+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Ba1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">BB</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">BB</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Ba2</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">BB-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">BB-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Ba3</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">B+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">B+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">B1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">B</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">B</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">B2</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">B-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">B-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">B3</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">CCC+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">CCC+</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Caa1</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">CCC</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">CCC</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Caa2</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">CCC-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">CCC-</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Caa3</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">CC</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">CC</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">Ca</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">C</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">C</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">DDD</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">SD</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">C</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">DD</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">D</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="arial" size="2">D</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<br>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>FIFTH AMENDMENT AGREEMENT
<br>TO THE COMMITTED FACILITY AGREEMENT</b></font></p>
<p><font face="Times New Roman" size="2">FIFTH AMENDMENT AGREEMENT (<b>&#147;Amendment&#148;</b>) dated as of December 15, 2016, to the Committed Facility Agreement between
 BNP Paribas Prime Brokerage, Inc. (<b>&#147;BNPP PB&#148;</b>) and Royce Value Trust, Inc (<b>&#147;Customer&#148;</b>), dated as of November 14, 2012 (the <b>&#147;CFA&#148;</b>), as amended
 from time to time.</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, BNPP PB and Customer previously
 entered into the CFA, as amended by the First Amendment Agreement dated as of January
 15, 2014, Second Amendment Agreement dated as of October 7, 2014, Third Amendment
 Agreement dated as of October 10, 2014, Fourth Amendment Agreement dated as of December
 14, 2015, and Fifth Amendment Agreement dated as of March 15, 2016;</font></p>
<p><font face="Times New Roman" size="2">WHEREAS, the CFA as amended to date shall
 be referred to herein as the <b>&#147;Agreement&#148;;</b></font></p>
<p><font face="Times New Roman" size="2">WHEREAS, the parties hereto desire to amend
 the agreement as provided herein;</font></p>
<p><font face="Times New Roman" size="2">NOT THEREFORE, in consideration of the mutual
 agreements provided herein; the parties agree to amend the Agreement as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>
Amendment to the Collateral Requirements in Section 1 in Appendix A of the Agreement</b></font></td>
</tr>
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The Collateral Requirements in Section 1 in Appendix A of the Agreement is hereby
 amended by inserting of following language after the words &#147;from time to time,&#148; as the end of subsection (b) and before the words &#147;or (d)&#148;:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(c) the sum
 of the collateral requirements of such Positions as per Regulation T or Regulation
 X, as applicable, of the Board of Governors of the Federal Reserve System, as amended from
 time to time.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>
Representations</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Each party represents of the other party that all representation contained in the
 Agreement are true and accurate as of the date of this Amendment and that such representations
 are deemed to be given or repeated by each party, as the case may be, on the date
 of this Amendment.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2"><b>
Miscellaneous</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Definitions.</b>
 Capitalized terms used in this Amendment and not otherwise defined herein shall
 have the meanings specified for such terms in the Agreement.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Entire Agreement.</b>
 This Amendment constitutes the entire agreement and understanding of the parties
 with respect to its subject matter and supersedes all oral communications and prior
 writings (except as otherwise provided herein) with respect thereto.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Counterparts.</b>
 This Amendment may be executed and delivered in counterparts (including by facsimile
 transmission), each of which will be deemed an original.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Heading.</b> The
 headings used in this Amendment are for convenience of reference only and are not
 to affect the construction of or to be taken into consideration in interpreting
 this Amendment.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Governing
 Law.</b> This Amendment will be governed by and construed in accordance with the laws
 of the State of New York (without reference of choice of law doctrine).</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5" align="center"><font face="Times New Roman" size="2">
<i>(Signature page follows.)</i></font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><b>IN WITNESS WHEREOF</b> the parties have executed
 this Amendment with effect from the first date specified on the first page of the
 Amendment.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="80%">
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<b>BNP PARIBAS PRIME BROKERAGE, INC.</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<b>ROYCE VALUE TRUST, INC.</b></font></td>
</tr>
<tr>
<td width="5%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="15%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="15%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Brian Cahalan</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Christopher D. Clark</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Brian Cahalan</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Christopher D. Clark</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Managing Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">CEO</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>/s/ Christopher
 J. Innes</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Christopher
 J. Innes</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Managing Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<br><br><br>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><img src="e52372_bnplogo.jpg" width="20%"></font></p>
<p style="margin-left: 0; text-align: left"><font face="Times New Roman" size="2">BNP Paribas Prime Brokerage, Inc.<br>BNP
 Paribas Prime Brokerage International, Ltd.<br>c/o BNP Paribas Prime Brokerage,
 Inc.<br>787 7<sup>th</sup> Avenue<br>8<sup>th</sup> Floor<br>New York, NY 10016<br>
Attention: Alex Bergelson</font></p>
<p><font face="Times New Roman" size="2">December 15, 2016</font></p>
<p><font face="Times New Roman" size="2">Re: Assignment of Financing Agreements (as
 defined below)<br><br><b>To: Royce Value Trust, Inc.</b></font></p>
<p><font face="Times New Roman" size="2">Reference is made to the U.S. PB Agreement
 between Royce Value Trust, Inc. (<b>&#147;Customer&#148;</b>) and BNP Paribas Prime Brokerage,
 Inc. (<b>&#147;BNPP PB&#148;</b>), dated as of November 14, 2012, as amended from time
 to time (the <b>&#147;Account Agreement&#148;</b>), and the Committed Facility Agreement
 between Customer and BNPP PB, dated as of November 14, 2012, as amended from time
 to time (the <b>&#147;CFA&#148;</b> and, together with the Account Agreement, the <b>&#147;Financing
 Agreements&#148;</b>).</font></p>
<p><font face="Times New Roman" size="2">This notice is to inform you that pursuant
 to section 16(c) of the Account Agreement and section 17(c) of the CFA, BNPP PB
 is hereby assigning the Financing Agreements and any other documents or instruments
 delivered pursuant thereto and in connection therewith to BNP Paribas Prime Brokerage
 International, Ltd. (<b>&#147;PBL&#148;</b>), effective as of December 15, 2016 (the <b>&#147;Effective
 Date&#148;</b>). All references to BNPP PB in each Financing Agreement and in any other
 documents or instruments delivered pursuant thereto and in connection therewith
 are, as of the Effective Date, hereby deleted and replaced in their entirety with
 references to PBL.</font></p>
<p><font face="Times New Roman" size="2">In addition, we are notifying you that,
 subject in all cases to the terms and conditions of the Financing Agreements and
 the Special Custody and Pledge Agreement, dated as of December 22, 2014, as amended
 from time to time (the <b>&#147;SCPA&#148;</b>), by and among Royce Value Trust, Inc.
 (<b>&#147;Customer&#148;</b>), State Street Bank and Trust Company (<b>&#147;Custodian&#148;</b>),
 and BNPP PB, we will be instructing Custodian as of the Effective Date to: (i) re-name
 the Special Custody Account (as defined in the SCPA) and the Funding Event Special
 Custody Account (as defined in the SCPA) so that &#147;BNP Paribas Prime Brokerage
 International, Ltd.&#148; (and not BNP Paribas Prime Brokerage, Inc.) is the Pledgee
 of Customer for each account and (ii) continue to hold any Collateral (as defined
 in the SCPA) therein.</font></p>
<p><font face="Times New Roman" size="2">As a result of this assignment, the rights
 and obligations of BNPP PB under each Financing Agreement shall be transferred to,
 and are expressly assumed by, PBL and any obligations of Customer to BNPP PB shall
 now be obligation to PBL. Each Financing Agreement shall continue in full force
 and effect except as expressly modified or amended herein.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Please reach
 out to us should you have any questions.</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Best regards,</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">BNP Paribas
 Prime Brokerage, Inc.</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By: <u>/s/ Brian Cahalan</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: Brian
 Cahalan</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title: Managing
 Director</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By: <u>/s/ Christopher J. Innes</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: Christopher
 J. Innes</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title: Managing
 Director</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">BNP Paribas
 Prime Brokerage International, Ltd.</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">By: <u>/s/ Brian Cahalan</u></font></td>
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<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: Brian
 Cahalan</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">By: <u>/s/ Christopher J. Innes</u></font></td>
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<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: Christopher
 J. Innes</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title: Managing
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>[LETTERHEAD OF VENABLE LLP]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">March 14, 2018</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">745 Fifth Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, New York 10151</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement on Form N-2</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">We have served as Maryland counsel to Royce
Value Trust, Inc., a Maryland corporation registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;),
as a closed-end management investment company (the &#8220;Company&#8221;), in connection with certain matters of Maryland law arising
out of the offering and sale of up to 10,150,528 shares (the &#8220;Shares&#8221;) of common stock, $.001 par value per share (the
&#8220;Common Stock&#8221;). The Shares are issuable upon the exercise of non-transferable subscription rights (the &#8220;Rights&#8221;)
and the offering and sale of the Shares are covered by the above-referenced Registration Statement, and all amendments thereto
(the &#8220;Registration Statement&#8221;), filed by the Company with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), and the 1940 Act on or about the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In connection with our representation of
the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, substantially in the form filed with the Commission under the 1933 Act and the 1940 Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
charter of the Company, certified by the State Department of Assessments and Taxation of Maryland (the &#8220;SDAT&#8221;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bylaws of the Company (the &#8220;Bylaws&#8221;), certified as of the date hereof by an officer of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
(the &#8220;Resolutions&#8221;) adopted by the Board of Directors of the Company relating to the filing of the Registration Statement
and the issuance of the Rights and the Shares, certified as of the date hereof by an officer of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate executed by an officer of the Company, dated as of the date hereof; and</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Royce Value Trust, Inc.<br>
March 14, 2018<br>
Page 2<br><br></p>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In expressing the opinion set forth below,
we have assumed the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do
so.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party&#8217;s obligations set forth therein are legal, valid and binding
and are enforceable in accordance with all stated terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All
Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all such Documents
are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties,
statements and information contained in the Documents are true and complete. There has been no oral or written modification of
or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Based upon the foregoing, and subject to
the assumptions, limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good
standing with the SDAT.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale and issuance of the Shares have been duly authorized and, when and if issued and paid for upon exercise of the Rights pursuant
to the Resolutions and the Registration Statement, the Shares will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The foregoing opinion is limited to the
laws of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance
with the 1940 Act or other federal securities laws, or state securities laws, including</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Royce Value Trust, Inc.<br>
March 14, 2018<br>
Page 3<br><br></p>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">the securities laws of the State of Maryland. To the extent
that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State
of Maryland, we do not express any opinion on such matter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The opinion expressed herein is limited
to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume
no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact
that might change the opinion expressed herein after the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">This opinion is being furnished to you
for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as
an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit
that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in">&#9;/s/ Venable LLP&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">24882/425027</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal"><U>CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></FONT></P>

<P STYLE="font: bold 10pt/95% Georgia, Times, Serif; margin: 0; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: left">We hereby consent to the incorporation by reference
in this Registration Statement on Form N-2 of our report dated February 22, 2018, relating to the financial statements and financial
highlights, which appears in Royce Value Trust, Inc.&#8217;s Annual Report on Form N-CSR for the year ended December 31, 2017.
We also consent to the references to us under the headings &quot;Financial Highlights&quot;, &#8220;Experts&#8221;, &#8220;Independent
Registered Public Accounting Firm&quot; and &#8220;Financial Statements and Independent Registered Public Accounting Firm&#8221;
in such Registration Statement.</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0">/s/PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0; text-align: left; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0; text-align: left">Baltimore, Maryland</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0">March 9, 2018</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the references to our firm
in the Post-Effective Amendment to the Registration Statement on Form N-2 of Royce Value Trust, Inc. (the &#8220;Fund&#8221;).
We consent to the use of the audited financial highlights for each of the seven years ended December 31, 2014 of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in"><B>TAIT, WELLER &amp; BAKER LLP</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Philadelphia, Pennsylvania</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>March 9, 2018</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">ROYCE VALUE TRUST, INC.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">745 FIFTH AVENUE</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">NEW YORK, NY 10151</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">March 14, 2018</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VIA EDGAR</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.75pt; padding-bottom: 0.15in; padding-left: 5.75pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">David L. Orlic, Esq.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Senior Counsel</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street, NE</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Royce Value Trust, Inc. <U><BR>
Registration Statement on Form N-2 (File No. 333-222703)</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Mr. Orlic:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On behalf of Royce
Value Trust, Inc. (the &#8220;<U>Fund</U>&#8221;), below are responses to the comments contained in your letter to the undersigned,
dated February 22, 2018, relating to the Fund&#8217;s registration statement on Form N-2 (the &#8220;<U>Registration Statement</U>&#8221;),
including the exhibits thereto. The changes referred to herein are included in the amendment to the Registration Statement filed
herewith (the &#8220;<U>Amended Registration Statement</U>&#8221;). Certain non-material updating revisions have also been included
in the Amended Registration Statement. Unless otherwise indicated, defined terms used herein have the meaning set forth in the
Amended Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We note that NYSE rules require the Fund's registration statement to be effective prior to the Record Date and that certain dates in the Amended Registration Statement (e.g., Record Date, Expiration Date, Pricing Date, etc.) remain blank.  The Fund will insert those dates in a subsequent filing with the SEC once it has a better sense of an expected effective date for the Fund's registration statement.<br><br><U>General</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 1:</TD>
    <TD STYLE="text-align: justify">Please advise as to why the box has not been checked on the cover page of the registration statement
indicating that the offering is subject to Rule 415 under the Securities Act of 1933. See Rule 415(a)(l)(iii) pertaining to securities
to be issued upon the exercise of outstanding options, warrants or rights. Please also include undertakings 4 and 5 in Item 34,
or advise as to why you believe they are inapplicable.</TD></TR>
</TABLE>


<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The Fund has checked the box indicating that the Offer is subject
to Rule 415 under the Securities Act of 1933 and has included undertakings 4 and 5 in Part C of the Amended Registration Statement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in"><B>Comment 2:</B></TD>
    <TD STYLE="text-align: justify"><B>Please update all figures as of December 31, 2017. For instance, and without limitation, see the disclosure on page 20 under
the heading &#8220;Investing in Smaller Capitalization Companies.&#8221;</B></td></tr></table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><B></B></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 2 of 9</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The requested modifications are included in the Amended Registration
Statement.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in"><B>Comment 3:</B></TD>
    <TD STYLE="text-align: justify"><B>Please provide an analysis as to how the offering
can be made without disclosing a specific price until after the sale.</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Response:</TD><TD STYLE="text-align: justify">The subscription price will be determined pursuant to a formula, as disclosed, which is consistent
with all close-end fund rights offerings of which we are aware. We are not aware of any closed-end fund rights offerings in which
a specific, fixed subscription price was used. We note that the timing for the calculation of the subscription price is identical,
and the formula is substantially similar, to those used in the Fund&#8217;s last common stock rights offering. We further note
that Form N-2 contemplates that where it is impracticable to state the price to the public, an explanation of how the price will
be determined should be included. See Instruction 1 to Item 1 of Part A of Form N-2.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in"><B>Comment 4:</B></TD>
    <TD STYLE="text-align: justify"><B>Please prominently disclose how and until when a stockholder may withdraw a Subscription Certificate.</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Disclosure regarding the withdrawal of Subscription Certificates
has been added to the Prospectus Summary.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Cover
Page</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in"><B>Comment 5:</B></TD>
    <TD STYLE="text-align: justify"><B>Please confirm that all the information on pages 1-3 of your filing will fit on a single cover page. Also, please revise the
cover page to state where the table of contents for the Statement of Additional Information may be found in the prospectus.</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The Fund has revised its presentation of information on the cover
page of the Prospectus so that such cover page contains all of the information required by Form N-2.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Prospectus
Summary, page 1</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in"><B>Comment 6:</B></TD>
    <TD STYLE="text-align: justify"><B>Please summarize the Fund&#8217;s anti-takeover provisions in this section. See Guide 3 to Form N-2. </B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The requested disclosure has been added to the Prospectus Summary.
</FONT></TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 3 of 9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Use
of Proceeds, page 2</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 7:</TD>
    <TD STYLE="text-align: justify">If the Fund expects the investment period to exceed three months, the reasons for the expected delay should be stated, but the
period should not exceeds 6 months. Please revise your disclosure accordingly. See Guide 1 to Form N-2.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The relevant disclosure has been revised to indicate that: (i)
the investment of the net proceeds of the Offer in accordance with the Fund&#8217;s investment objective will be made as appropriate
investment opportunities are identified, which process is expected to be substantially completed within three months assuming current
market conditions and (ii) changes in market conditions could result in such anticipated investment period extending to as long
as six months.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Dilution&#8212;Net
Asset Value and Non-Participation in the Offer, page 4</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 8:</TD>
    <TD STYLE="text-align: justify">Consider using a tabular presentation for the dilution examples appearing the second paragraph of this section.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The requested tabular presentation has been added to the Amended
Registration Statement as appropriate.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Table
of Fees and Expenses, page 7</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 9:</TD>
    <TD STYLE="text-align: justify">Please revise the table to reflect the $2.50 service fee and $0.15 per share fee with respect to reinvesting distributions in
additional shares of the Fund. Also, please revise the table to reflect the $0.75 service fee and $0.05 per share fee for each
voluntary cash purchase.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">There is no fee for reinvesting distributions in additional shares
of the Fund&#8217;s common stock. Additional line items have been added to the fee table with respect to shares of the Fund&#8217;s
common stock held under the Distribution Reinvestment and Cash Purchase Plan to reflect the applicable service fee for voluntary
purchases, the applicable per share transaction fee for voluntary purchases, the applicable service fee for voluntary sales, and
the applicable per share transaction fee for voluntary sales. The related footnote has been revised accordingly.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 10:</TD>
    <TD STYLE="text-align: justify">Please advise why the table does not include the Basic Fee per Instruction 7 to Item 3 of Form N-2.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The relevant footnote to the fee table has been revised to more
fully describe the Basic Fee and the performance adjustment thereto.</FONT></TD></TR></TABLE>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 4 of 9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Investment
Performance, page 10</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 11:</TD>
    <TD STYLE="text-align: justify">In the table in this section, please ensure that performance is shown following the SEC standardized methodology. In particular,
please revise the presentation to shown returns based on NAV first. Please also revise the presentation to base returns on the
$10 initial public offering price (reflecting underwriting commission and offering expenses).</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The Fund confirms that performance is shown following SEC standardized
methodology.&nbsp; We note that this investment performance disclosure is not required to be provided by Form N-2.&nbsp; The performance
shown has been revised to include NAV returns first, followed by Market Price returns. The Market Price presentation is based on
the initial public offering price of $10 per share.&nbsp;&nbsp; As indicated in the text following the table, the NAV return is
based on the Fund&#8217;s initial NAV of $9.28 per share.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Use
of Proceeds, page 11</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 12:</TD>
    <TD STYLE="text-align: justify">Please revise this section consistent with comment 7 above. We have similar concerns with the last sentence in the first paragraph
under &#8220;Purposes of the Offer&#8221; on page 12.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Please see our Response to Comment No. 7.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Payment
for Shares, page 15</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 13:</TD>
    <TD STYLE="text-align: justify">In the second to last paragraph on page 15, please explain the reference to &#8220;other purchasers&#8221; in subparagraph (i).
If this phrase refers to persons who are not currently stockholders of the Fund, please provide support for including such persons
in the offering and in this registration statement.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The reference to &#8220;other purchasers&#8221; has been changed
to &#8220;other Stockholders.&#8221;</FONT></TD></TR></TABLE>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 5 of 9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Non-Convertible
Debt, page 18</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 14:</TD>
    <TD STYLE="text-align: justify">Please disclose the maturity and duration requirements with respect to investments in debt securities, as well as a brief explanation
of duration and the difference between duration and maturity. Please also include a brief example of duration in the prospectus.
Finally, ensure that the disclosure addresses the issue noted in IMGU 2016-02, available on www.sec.gov.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The requested disclosure has been added to the Amended Registration
Statement. The Fund notes that it does not hold any non-convertible debt as of the date hereof. We believe that the relevant disclosure
in respect of the Fund is appropriately responsive to the issues noted in IMGU 2016-02.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Foreign
Securities Risks, page 21</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 15:</TD>
    <TD STYLE="text-align: justify">Please add disclosure regarding (i) the difficulty in obtaining or enforcing a court judgment abroad and (ii) restrictions on
foreign investment in other jurisdictions, including major industry or market sector restrictions, or limitations on the total
amount or type of position in any single issue.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The requested disclosure has been added to the Amended Registration
Statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Borrowings,
page 22</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 16:</TD>
    <TD STYLE="text-align: justify">Please disclose the variable interest rate on the revolving credit facility with more specificity. Please also disclose the current
interest rate. Finally, please advise why the credit agreement has not been filed as an exhibit to the registration statement.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">More specific information regarding the calculation of the interest
rate for the Fund&#8217;s borrowings for investment purposes has been added to the Amended Registration Statement. Disclosure regarding
the weighted average interest rate payable by the Fund in respect of such borrowings for the month ended February 28, 2018 has
been added to the Amended Registration Statement. The Committed Facility Agreement, which governs such borrowings, has been filed
as an exhibit to the Amended Registration Statement.</FONT></TD></TR></TABLE>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 6 of 9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Financial
Impact of Borrowings and Senior Securities on Common Stockholders, page 24</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 17:</TD>
    <TD STYLE="text-align: justify">In the second paragraph of this section, please state that net assets included in the fee calculation would also include assets
derived from derivative transactions, if true.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The only derivative instruments that the Fund may invest in (up
to 5% of total assets) are warrants, rights and options (See &#8220;<I>Investment Goal and Policies &#8211; Other Investment Methods/Policies
&#8211; Warrants, Rights or Options</I>&#8221;). The value of assets consisting of these instruments, like other assets, is included
in &#8220;net assets&#8221; for purposes of the investment advisory fee calculation. Because this relates to the calculation of
net asset value, the following disclosure will be added after the fifth sentence under &#8220;Investment Advisory and other Services
Provided by Royce&#8221;: &#8220;To the extent the Fund invests in warrants, rights or options, the value of such investments would,
like other Fund investments, be included in the calculation of &#8220;net assets&#8221;.&#8221;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Investment
Advisory Fee, page 26</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 18:</TD>
    <TD STYLE="text-align: justify">In the fourth paragraph of this section, please clarify how derivative transactions are treated. Also, if applicable, please disclose
that Royce (i) may have a conflict of interest in determining whether to use or increase the Fund&#8217;s use of leverage; (ii)
will base its decision regarding whether and how much leverage to use for the Fund on its assessment of whether such use of leverage
is in the best interests of the Fund; and (iii) will seek to manage that potential conflict by periodically reviewing the Fund&#8217;s
performance and use of leverage with the Board.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">As indicated above, the value of assets consisting of warrants,
rights or options, like other assets, are included in &#8220;net assets&#8221; for purposes of the advisory fee calculation. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">The
following disclosure has been added under &#8220;Investment Advisory and Other Services Provided By Royce&#8221; as a new last
paragraph: &#8220;Royce will base its decision regarding whether and how much leverage to use for the Fund from time to time on
its assessment of whether such use of leverage is in the best interests of the Fund; and will seek to manage any potential conflict
from the use of leverage by periodically reviewing the Fund&#8217;s performance and use of leverage with the Board of the Fund.&#8221;
</FONT></P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 7 of 9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Investment
Advisory Fee, page 26</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 19:</TD>
    <TD STYLE="text-align: justify">Please describe to us in your response letter in greater detail how the advisory fee is calculated, particularly the adjustments.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Specific disclosure regarding performance adjustments made to
the Basic Fee for the fiscal year ended December 31, 2017 has been added to the Amended Registration Statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Repurchase
of Securities, page 29</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 20:</TD>
    <TD STYLE="text-align: justify">Please disclose any specific plans to repurchase securities, particularly in connection with this offering. We may have further
comment.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">There are no current plans to repurchase securities of the Fund
in connection with the Offer. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Certain
Corporate Governance Provisions, page 30</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 21:</TD>
    <TD STYLE="text-align: justify">Please disclose the rationale for adopting the provisions described in this section and disclose whether the Board has considered
the provisions and determined that they are in the best interest of stockholders. Please also ensure that this disclosure is integrated
with the discussion of these provisions appearing on page 24.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Disclosure has been added to the Amended Registration Statement
as requested.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Distribution
Reinvestment and Cash Purchase Plan, page 31</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 22:</TD>
    <TD STYLE="text-align: justify">If applicable, please disclose that a stockholder holding shares that participate in the Plan in a brokerage account may not be
able to transfer the shares to another broker and continue to participate in the Plan.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Responsive disclosure has been added to the Amended Registration
Statement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: bold 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 23:</TD>
    <TD STYLE="text-align: justify">Please disclose why the Fund will not make open-market purchases, if shares are trading at a discount to NAV.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The Fund&#8217;s Distribution Reinvestment and Cash Purchase
Plan does not, by its terms, permit open-market purchase. </FONT></TD></TR></TABLE>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 8 of 9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Statement
of Additional Information</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Investment
Restrictions, page 1</U></FONT></P>

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    <TD STYLE="text-align: justify; width: 1.5in">Comment 24:</TD>
    <TD STYLE="text-align: justify">In subsection 1, please disclose here what the 1940 Act permits.</TD></TR>
</TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The requested disclosure has been added to the SAI. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Signatures,
page C-5</U></FONT></P>

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    <TD STYLE="text-align: justify; width: 1.5in">Comment 25:</TD>
    <TD STYLE="text-align: justify">Please indicate who is signing the document in the capacity of principal executive officer, principal financial officer, and principal
accounting officer. While individuals are identified as present and treasurer, the persons who are signing in the specific capacities
set forth in Section&nbsp;6(a) of the Securities Act are not identified.</TD></TR>
</TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The requested changes have been made to the Signature Page. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal"><U>Exhibits</U></FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

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    <TD STYLE="text-align: justify; width: 1.5in">Comment 26:</TD>
    <TD STYLE="text-align: justify">Please file the actual agreements listed as exhibits, rather than forms thereof. See Rule 483 under the Securities Act.</TD></TR>
</TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The final agreements for Exhibits (k)(6), (k)(7), and (k)(8),
                                                                                                          rather than                                                                                                           the
                                                                                                          forms                                                                                                             thereof,
                                                                                                          have                                                                                                           been
                                                                                                          included                                                                                                              as
                                                                                                          exhibits to the
                                                                                                          Amended Registration Statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-weight: normal"><U>Exhibit
L &#8211; Form of Legal Opinion</U></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1.5in">Comment 27:</TD>
    <TD STYLE="text-align: justify">Please advise why counsel has assumed that, upon the issuance of any of the shares, the total number of shares of common stock
issued and outstanding will not exceed the total number of shares of common stock that the Fund is then authorized to issue under
the charter. This appears to be a matter subsumed within the required opinion.</TD></TR>
</TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-weight: normal">Response:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Counsel removed the assumptions identified in Comment No. 27
from the legal opinion that is included as an exhibit to the Amended Registration Statement.</FONT></TD></TR></TABLE>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; text-align: left">David L. Orlic, Esq.<br> March 14, 2018<br>Page 9 of 9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * * * * * * * * *</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Fund acknowledges
that it is responsible for the adequacy and accuracy of the disclosure in its documents, and acknowledges that the Commission is
not foreclosed by its comment process from taking any action with respect to the Fund&#8217;s documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Please do not hesitate
to contact me at (212) 508-4578 if you have any related comments or if you require additional information regarding the Amended
Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Respectfully submitted,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">/s/ John E. Denneen</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">John E. Denneen</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 48pt 3.25in">Secretary</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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